CBRE Brokers Sale of Bellaire Ranch Apartments in Colorado Springs

CBRE announced the sale of Bellaire Ranch, a 300-unit apartment community in Colorado Springs, Colorado, to an anonymous buyer.

Bellaire Ranch is a garden-style community with 17 buildings on more than 13 acres. The sale includes the 240 apartments constructed at the original Bellaire Ranch in 2003 as well as the 60 units built in 2013 at the adjacent Alturas at Bellaire Ranch. The community has one-, two- and three-bedroom floorplans with an average unit size of 921 sq. ft.

Kevin McKenna, Willy Holliday, Brad Schlafer and Jessica Graham with CBRE’s Colorado multifamily investment properties team represented the seller, Avanti Residential. Ryan Greer, Troy Tegeler and Trevor Breaux with CBRE’s Debt & Structured Finance team in Los Angeles arranged the acquisition financing.

“The strong activity we saw on Bellaire Ranch demonstrates that there continues to be a high level of interest in the Colorado Springs multifamily market,” said Mr. McKenna, executive vice president, CBRE. “Given the volatile debt environment, it is a testament to the seller, buyer, and our CBRE debt team to get a deal done.”

Bellaire Ranch is located at 4275 Sanders View in Colorado Springs’ Aviation Corridor. The location near S. Academy and E. Fountain boulevards is near some of the region’s largest employers, including the Colorado Springs Airport, the Peterson and Schriever Space Force bases, and a 4 million sq.-ft. distribution center. Home to more than 50,000 jobs, the Aviation Corridor has been historically undersupplied in apartment housing. Only four other apartment communities have been built in the submarket over the past 20 years.