A Denver property investment firm is adding to its Colorado apartment portfolio with its $102.25 million purchase of seven Colorado Springs apartment complexes.
Slipstream Properties bought the 1,178 units on May 24, according to a statement.
The properties include: Pine Creek Village at 720 Chapman Drive (312 units); Shannon Glen at 260 N. Murray Boulevard (192 units); Cedar Creek at 1030 S. Chelton Boulevard (175 units); El Vecino Apartments at 1806 Monterey Road (174 units); South Pointe Apartments at 3815 Lakehurst Drive (162 units); Timbers Apartments at 2818 Airport Road (84 units); and New Horizon Apartments at 4975 El Camino Drive (79 units).
The Colorado Springs properties have a storied past.
The complexes’ seller, Terry Ragan, was described as a “notorious slumlord” in the Colorado Springs Gazette report detailing the sale.
But Slipstream plans on upgrading the units, according to a statement.
“Slipstream purchased these properties fully aware of the challenges that exist, and they see it as an opportunity to make the apartments a place where residents can enjoy a quality residential environment at a reasonable price. These properties are positioned for a renovation over the next several years and this is the right team with the right experience for such a large undertaking,” said Adam Riddle of NexusCommercial Realty on behalf of Slipstream.
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