ARA Newmark sells Colorado Springs asset over list
Alturas at Bell Tower fields multiple offers
ARA, A Newmark Company (ARA Newmark), has sold Alturas at Bell Tower, a 60-unit asset located at 1130 Bell Tower Heights in Colorado Springs. Executive Managing Director Kevin McKenna and Associate Saul Levy represented the seller, All Pro Capital. The property traded to an undisclosed buyer for $9.055 million, or $150,917 per unit. Occupancy at the time of sale was 97 percent.
Constructed in 2013, the property received a significant amount of attention due to its notable upside in rents, condo quality finishes, proximity to multiple employment developments in Colorado Springs and unique place in the market. There have been no conventional multi-housing properties built within a five-mile radius of the property in the last 10 years.
Alturas at Bell Tower produced a double digit number of competitive offers, with the winning bidder exceeding list price. All Pro Capital is an investment company focused on creating wealth by thoroughly researching opportunities, making careful investments and producing dependable returns.
About ARA, A Newmark Company
ARA, A Newmark Company is the largest full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student, manufactured housing and multihousing land. For detailed information on ARA Newmark’s extensive multihousing investment services, visit www.aranewmark.com.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world's leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF's 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC's common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.