Dave O’Brien and Amy Gibson arranged financing for a purchase of a 5 building apartment complex in Colorado Springs. The financing on the property is a $8,300,000 loan with a 10 year term amortized over 30 years. There are 150 units in the complex spanning over 149,168 square feet. The complex was built in 1972 with extensive remolding done in 2015.
This was a purchase of an apartment complex for a seasoned apartment owner. There was over $1mm in capital improvements prior to purchasing the property. With the improvements to the building, the rents are expected to rise to market or above market rents.