Capstone Closes $10.4M Sale of Value-Add Asset in Colorado Springs, CO

Capstone has closed the sale of the Ivy at Cheyenne Creek, a garden-style 38,793 SF multi-family property for the sale price of $10,450,000. Pat Knowlton of Capstone represented both Buyer and Seller in this transaction.

The Ivy at Cheyenne Creek was built in 1962, and with renovations such as new appliances and flooring, the property has been well maintained. Other updates to the property include a new water heating system and furnace. The most common unit layout is a 1 bed/1 bath 430 SF unit; 23 of the 61 units have this layout. One unit is a slightly larger 1 bed/1 bath, at 514 SF. Four of the units are also 1 bed/1 bath, at 595 SF. The remaining 33 units are 2 bed/1 bath units. The property also includes 75 parking spots, a dog park, laundry facilities, and a courtyard.

The Ivy at Cheyenne Creek is conveniently located Ave at 1801 S Cascade Ave, on the corner of E St Elmo Ave and S Cascade. This location is directly behind the new Colorado Creekwalk development, among many other retail and restaurant spots, as well as many Colorado Springs attractions: The Broadmoor, The Cheyenne Mountain Zoo, and the U.S Olympic & Paralympic Museum, to name a few.

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