Trion Properties and investment manager PCCP have bought a two-property portfolio in Colorado for $80m (€67.7m).
The acquired properties, totalling 406 units, include Quail Cove and Highland Park.
Max Sharkansky, a managing partner at Trion Properties, said the properties represent an opportunity for Trion to acquire well-maintained assets with strong value-add potential in a rapidly growing market.
Sharkansky said Colorado Springs was the third-best housing market for multifamily rental investments in 2020, and recently ranked fourth as the best place to live in the US.
“Colorado’s strong military presence, booming aerospace and high-tech manufacturing industries are just a few reasons why the region has seen exponential growth and an influx of top talent over the past few years.”
Mitch Paskover, a managing partner at Trion Properties, said: “Last year, despite the pandemic, Colorado Springs experienced a significant rent increase due to the area’s desirability, high-quality lifestyle in place, and relatively low cost of living.”
Paskover said the latest acquisition brings Trion’s total number of multifamily units in Colorado to nearly 700.
The Trion’s first acquisition in the state, The View Apartments in the Northglenn submarket of Denver, was made just seven months ago.
“A large part of what attracted us to the Colorado Springs market is the diverse economy and major industries that have a presence in the region,” said Farhan Mahmood, managing director at Trion Properties.
The city has always been predominantly driven by military, as it is home to Fort Carson, North American Aerospace Defense Command, and the US Air Force Academy, Mahmood said.
“But that has diversified in recent years to include a number of technology start-ups, insurance companies, and UC Health, a nationally recognized hospital that provides nearly 7,000 jobs.
“This, combined with the new construction of Amazon’s new four million-square-foot distribution centre and Space Force’s military construction at multiple Colorado Springs bases, further positions the city as an extremely attractive market.”
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