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Two northeast Colorado Springs apartment complexes that were built during the 1980s have been purchased by a Washington state investor for $25.8 million.
The sale of the 224-unit Epernay Apartments at 2915 Woodland Hills Drive and the 136-unit Quail Run Apartments at 1690 Dublin Blvd. was handled by David Potarf, Dan Woodward and Jordan Robbins, all of Marcus & Millichap in Denver.
Epernay was purchased for $17.15 million and Quail Run for $8.65 million by F.W. Quail Apartments LLC and F.W. Epernay Apartments LLC. The sellers were Epernay Apartments Limited Partnership and Quail Run Limited Partnership, both of New York.
"The buyer has owned properties in the northwest where prices are higher," Woodward said. "He sees the Colorado Springs market as one that will recover relatively quickly. Multifamily has struggled in the past, but more investors are...