The Ridge at Rockrimmon, a 126-unit apartment community in Colorado Springs, has sold to Atlanta-based real estate firm, Cortland.
Built in 1997, The Ridge at Rockrimmon is comprised of one-, two- and three-bedroom floorplans with an average unit size of 903 square feet. Located at 5965 Nora Pt. on the west side of Interstate 25, the property is positioned within a supply-constrained submarket where only three multifamily properties have been built in the past 20 years. The west side of the interstate is primarily single-family homes and protected open space, leaving little land for development and creating high barriers to entry for new multifamily construction.
“There are only a few 1990s value-add opportunities in Colorado Springs and even fewer that have come available on the desirable west side recently. We had a very competitive bidding process with a wide range of investment groups and different equity structures expressing interest. All parties involved put tremendous effort into getting this across the finish line in an increasingly challenging debt environment,” said Mr. Levy, senior vice president, CBRE.
UCHealth and Centura are the fifth and sixth largest employers in El Paso County and The Ridge at Rockrimmon is within a 15-minute drive in any direction of their largest outposts. Centura Health’s new state-of-the-art orthopedic hospital named St. Clare Hospital is scheduled to open in March 2023 just north of The Ridge at Rockrimmon.