NorthMarq completes $21.5 million sale of Fillmore Ridge Apartments in Colorado Springs, Colorado

NorthMarq’s Phoenix Debt & Equity team provided acquisition financing of $15.3 million 

DENVER, COLORADO (October 25, 2021) – NorthMarq’s Colorado Multifamily Investment Sales team of Alex Possick, Rich Ritter, Dave Martin, and Brian Mooney arranged the $21,500,000 sale of Fillmore Ridge Apartments. The 114-unit multifamily property, built in 1965, is located at 3210 North Chestnut Street in Colorado Springs, Colorado. NorthMarq represented both the buyer, Clear Capital, and the seller, Blueline Equity Partners. 

“Colorado Springs is currently experiencing some of the strongest market fundamentals of any metro across the United States. Bolstering year-over-year effective rental growth of 16.8 percent, an average market vacancy of 2.7 percent and the highest annual absorption in over fifteen years, the market is optimally positioned for further economic expansion and continued stability,” said Possick. “The combination of the market fundamentals, capital markets and investor demand for Colorado Springs, enabled the team to achieve a record-setting price per square foot watermark ($291/SF), for this vintage product in Colorado Springs.”  

NorthMarq’s Phoenix Debt & Equity team of Bryan Mummaw, Brandon Harrington, and Bryan Liu, provided $15.3 million in acquisition financing on behalf of the borrower through its capacity as a Freddie Mac Optigo lender. “The borrower had a lot of options in terms of the acquisition financing for Fillmore Ridge, however, they chose NorthMarq and Freddie Mac for a multitude of reasons - pricing, prepayment flexibility and surety of execution in a short time frame,” said Mummaw.