CASE STUDY

Pikes Place on San Miguel

Colorado Springs, Colorado

105 Units


Purchased: February 2019


Sold: July 2021

PikesPlace

The Opportunity

We identified Southeast Colorado Springs as a market poised for positive net migration early in the growth cycle. Pikes Place represented a sub-institutional sized investment opportunity with a history of mismanagement, offering a significant upside related to both potential revenue and improved cost control.

The Approach

An attractive purchase price per unit, combined with active property management, supported a robust value-add implementation to drive higher occupancy and rental rates.

The Results

Under our ownership, occupancy increased to 100% with waitlisting and Net Operating Income (NOI) grew by 25%.

Project IRR

27.8%

Equity Multiple

1.8x
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