ARA Newmark sells multihousing property
Mesa Vista closed in under 30 days to all-cash buyer
ARA, A Newmark Company (ARA Newmark) has sold Mesa Vista, a 60-unit, eight-building property in Colorado Springs.
ARA Newmark Executive Managing Director Kevin McKenna and Associate Saul Levy represented the seller, Mesa Vista Properties, LLC. The property sold for $3 million to Las Vegas-based Cabana Holdings, LLC, a private investment group new to the Colorado multihousing market.
The property is located in the highly desirable West submarket, an area that boasts some of the highest rents in all of Colorado Springs at $1.11 per square foot, and 6.7 percent year-over-year rent growth. This area has helped lead the Colorado Springs apartment market in producing the strongest fundamentals the city has seen in the past 13 years.
Mesa Vista’s proximity to major developments made it attractive to Cabana Holdings. It is blocks from the proposed Penrose-St. Francis, a 51-acre, 775,000-square-foot hospital campus that will be the largest of all three of the hospital's campuses. In the fall of 2014, the Veteran’s Association opened a $20 million, 80,000-square-foot VA Clinic that serves more than 20,000 veterans and is within one half mile of Mesa Vista.
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, A Newmark Company’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 more 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. For more information, please visit www.bgcpartners.com.