Advenir purchases Sunset CreekDec 30, 2015
Advenir purchases Sunset Creek
Another apartment complex in Colorado Springs has changed hands, according to news from ARA Newmark, a broker firm for multi-family real estate transactions.
Advenir, a Miami-based, full-service real estate company that owns apartment complexes in Colorado, Florida and Texas, purchased Sunset Creek for $37.2 million, according to the El Paso County tax assessor’s office.
Advenir owns BriarGlen apartment complex on Chapel Hills Road and Spring Canyon apartments on 30th Street. They renamed Sunset Creek to Advenir at The Village.
Seagate Sunset Associates owned the 310-unit multifamily community, which was built between 1966 and 1969. Seagate owns properties throughout the western United States and has offices in Denver and northern California. It purchased the apartment complex for $20.4 million in 2012 and invested more than $2 million to renovate the property.
Sunset Creek is located at 5400 N. Nevada Ave., near UCCS and the University Village Colorado shopping center. As Seagate was selling the buildings, Newmark executive Kevin McKenna said the property received national offers — largely due to its location.
“The University of Colorado – Colorado Springs, the fastest growing campus in Colorado, is just across the street and the busiest retail center in town, which includes Costco and Trader Joe’s, is next door,” he said. “A new hospital is under construction to the north and the property backs up to the Santa Fe Trail system.”
But that’s not all, he said.“Sunset Creek sits on a massive 27 acre lot,” he said. “It’s one of the largest multihousing sites in Colorado Springs, making it one of the least dense communities in the market at only 11 units per acre.