willow-ridge

Executive Summary:

Centrally located in Colorado’s 2nd largest city, this property provides convenient access to top companies in a vibrant, growing community. Colorado Springs has recorded almost 10% growth in population and households over the past 10 years and these properties are projected to benefit from the 22% median household income growth forecast for the immediate area. Less than 10 minutes away, Downtown Colorado Springs provides a short commute for over 38,000 fulltime employees at nearly 1,300 workplace establishments and provides numerous entertainment and retail options for residents. Additionally, with its location at the base of the Rocky Mountains, Colorado Springs serves as a gateway to the state for over 23.7 million annual visitors. Willow Ridge consists of 39 conventional multifamily units built in 1965 (three buildings) and 1970 (one building) on 0.85 acres. The property offers exclusive one-bedroom units ranging from 480 square feet to 550 square feet. Under long term ownership, these properties have been thoughtfully taken care of and provide the opportunity to renovate unit interiors from their current “classic” condition.

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.

Denver Office  

1331 17th Street  10th Floor  Denver, CO 80202 

Phone: 303.689.8312  Fax: 303.689.8352 

Investment Advisors:

Mortgage Bankers: 

Robert Doxsee  

Managing Director 425.777.0235 robert.doxsee@berkadia.com

Michael Manolides

Associate Director 253.670.2143 michael.manolides@berkadia.com

Winston Black

Senior Director 719.634.1600 winston.black@berkadia.com

Nick Steele 

Managing Director  303.689.8306  nick.steele@berkadia.com  

Nate Moyer 

Director  303.689.8320  nate.moyer@berkadia.com 

Gareth Whitham

Financial Analyst 303.689.8345 gareth.whitham@berkadia.com

Annie Liston

Operations Director 303.689.8356 annie.liston@berkadia.com

Samuel Maldonado

Transaction Manager 303.607.9012 samuel.maldonado@berkadia.com

CONTACT Info

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LOCATION

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:

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:

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:

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:

On average, in-place rents are $105 below market rents. Max achieved rents are $995 and there are nine units currently at this rate. A new owner will have the ability to bring all units up to market rates as units turnover. There are currently 27/39 units under market rents, of which 14 units are rented between $800 and $900, and another 4 units under $800 on average.

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3755 E La Salle Street | Colorado Springs, CO, 80909 | El Paso County

Willow Ridge

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:

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:

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 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:

Mark to Market Value-Add Opportunity:

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UNITS: 39 | Year Built: 1965

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