ParkView Commons

Opportunity

ParkView Commons, a 48-unit property built in 2019, presents a compelling investment opportunity located about 65 miles east of Denver in the Fort Morgan metro area of Wiggins, CO. Each unit features a spacious 931-square-foot layout with 2 bedrooms and 2 bathrooms, catering to the needs of modern renters. The property comes with the ability to assume the current Fannie Mae loan, which includes an unpaid balance of $5,525,000 at a favorable fixed interest rate of 3.31%, full-term interest-only, with three years of term remaining. This attractive financing option ensures significant cash flow from the outset, making it an accretive addition to any investment portfolio. The Fort Morgan metro area, characterized by its limited supply, is known as the “Gateway to the Plains and Rockies.” Strategically located between Greeley, Brighton, and Fort Morgan, residents of Wiggins have access to over 151,000 jobs with the choice of more affordable housing options. Home to ParkView Commons, Wiggins is a great location for local industries known for food processing and manufacturing, supporting renters seeking value without compromising on quality. ParkView Commons is poised for rent growth with limited competition, ensuring steady operations and attractive cash flow for years to come.

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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada. © 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.

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Denver Office

1331 17th Street, Floor 10 Denver, CO 80202

Investment Advisors:

Mortgage Bankers: 

Christopher Ellis

Senior Managing Director 303.689.8317 christopher.ellis@berkadia.com

Brian Huff

Managing Director 303.689.8314 brian.huff@berkadia.com

Nate Moyer

Director 303.689.8320 nate.moyer@berkadia.com DRE #100077890

Nick Steele 

Managing Director 303.689.8306 nick.steele@berkadia.com DRE #100016194

Denver IS & MB Contacts

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Willow Ridge is located one mile from Palmer Park which is Colorado Springs largest greenspace with over 730 acres of parks and 25 miles of hiking trails.

Minutes from Palmer Park:

The property sits a couple blocks from Academy Blvd, which is one of Colorado Springs main North/South thoroughfares. Academy Blvd is lined with restaurants, grocery stores, and big box retailers.

Proximate to Retail:

Willow Ridge has been owned by the same owner for 18 years.

Long Term Ownership:

Current management is operating the property with a 57% expense ratio. Via professional management, a new owner should be able to see significant cost savings in controllable expenses.

Operational Upside through Controllable Expenses:

Current ownership has maintained the property exceptionally well. Capital improvements in recent years include four new boilers, all vinyl windows, new siding & stucco repair work, new landscaping, and a new parking lot resurface. The roof was replaced in 2024 and ownership is currently replacing all electrical panels at the property.

Significant Capital Improvements Complete:

The property currently has 35 storage units that new owner could grow top line revenue by charging $25/month for storage.

Increase Revenue via Rentable Items:

Current ownership does not charge for pet rent and a new owner can charge up to $35/month per pet in addition to a $200 pet deposit per pet.

Operational Upside in Other Income:

The property is a mile from Palmer Park, a 15-minute drive to Downtown Colorado Springs, a 15-minute drive to the Colorado Springs Airport, and a 15-minute drive to Interstate 25.

Central Colorado Springs Location:

Willow Ridge contains eight tuck-under parking spots that are rented for $25/month and are consistently full. Due to demand, a new owner can raise parking rents up to $50 or $75 per month per tuck under parking space.

Tuck Under Parking:

Proximate to Highly Anticipated Rodeo Dunes Golf Resort: Legendary golf course developers Dream Golf who spearheaded Bandon Dunes in OR, and Sand Valley in WI, are currently under construction on a 4,000-acre golf resort located just 25 minutes from the property. The first golf course is slated to open in 2026, the second in 2028, and has potential for a total of six golf courses and incorporated lodging. Strong Demographics with Low Rent to Income Ratio: Average household income within a one-mile radius is $98,200 with 39% of households earning over $100K or more. Utilizing the average household income within a 1-mile radius, the current rent to income ratio is 17% providing future upside in organic rent growth.

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HIGHLIGHTS

OPPORTUNITY

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101 Parkview Court | Wiggins, CO, 80654 | Morgan County

Parkview commons

Central Air Conditioning

Domestic Hot Water Heaters

Forced Air Furnaces

Individually Metered

$300/month

Cooling

Mechanical Systems

Hot Water

Heat

Gas

Electric

Water/Sewer

Pet Deposit

PROPERTY SUMMARY

$35/month

Pet Rent

109 Surface Spaces

Parking

2.27/Unit

Parking Ratio

2019

931 SF

Garden

Two

44,688

50,965

1.17

Units

Property Information

Year Built

Average Home Size

Style

Stories

Buildings

Gross Leasable Area

Acreage

Land SF

41.03

Density

Concrete Slab

Foundation

Pitched, Composite Shingle

Roof

Wood Frame

Construction

UTILITY BILLUNG STRUCTURE

FEES

PARKING

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Opportunity

Highlights

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Accretive Assumable Fannie Mae Loan: Ability to assume the current conventional Fannie Mae loan with ana UPB of $5,525,000, 3.31% Fixed Interest Rate, Full Term Interest Only, with 3 years of term left, due on October 1st, 2027. Ability to Acquire 2019 Built Asset Below Replacement Cost: Due to rising interest rates and elevated construction costs, a new owner has the ability acquire a 2019 built asset below replacement cost. Fast Growing Local Population: Since 2017, the population in Wiggins has grown 144%, and is expected to grow another 28% by 2029 and 46% by 2034. Strategically Built to Support Local Employers: 54% of residents are employed in white collar positions and major employers in Morgan County include: Cargill (2,100 employees), Leprino Foods (350 employees), Western Sugar (200 employees), Dairy Farmers of America (200 Employees), Hantover Inc. (90 Employees), Morgan Community College (100 employees), Kaiser Premier (80 employees), Walmart (300 employees), Excel Energy (80 employees), and 670 hospital workers among three hospitals.

LOCATION