Colorado Springs, Colorado

147 Units

Purchased: February 2020

Sold: March 2022


The Opportunity

Based on our knowledge of the neighborhood—we acquired our Pikes’ Place asset in 2019—we were aware of pent-up demand for larger unit types, a key characteristic of the Aviator property. With a long record of mismanagement and significant capital improvement needs, Aviator's strength was an ideal micro location and mix of high-demand two- and three-bedroom units. Moreover, the property is near Amazon’s newly built 3.7-million-square-foot complex, which is now home to multiple business relocations and a growing tenant population.

The Approach

At the time of purchase, Aviator represented a 40% discount to replacement cost, a significant savings that supported the implementation of a value-add program focused on increased occupancy, higher rental rates, and much-needed physical improvements, including a major renovation of the existing plumbing system.

The Results

Occupancy increased to 99% while unqualified residents were removed from the rent rolls. Our active asset management grew NOI by more than 100%.

Project IRR


Equity Multiple

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