CASE STUDY
Pikes Place on San Miguel
Colorado Springs, Colorado
105 Units
Purchased: February 2019
Sold: July 2021
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
Equity Multiple
