Investment Overview

Marcus & Millichap is pleased to present the Luxe Tower Apartments, located at 107 W Cheyenne Road in the Broadmoor submarket, just south of downtown Colorado Springs. This 73-unit multifamily asset was built in 1967 and renovated in 2018, and consists of seven studios, 33 one-bedroom units, and 33 two-bedroom units. The studios average 497 square feet, the one-bedroom units average 868 square feet, and the two-bedroom units average 1,272 square feet. These recently renovated units come equipped with modern stainless-steel appliances and oversized balconies that offer breathtaking mountain views. The Luxe Towers Apartments offers residents access to a community pool, fitness center, sauna and a variety of other amenities. This property is conveniently located just four blocks west of the CanAm Highway, Colorado Springs’ main north/south roadway. A five-minute drive west takes residents to the famous Broadmoor hotel and golf resort, a long-standing pillar of hospitality in Colorado Springs. Six minutes beyond the Broadmoor lies the Cheyenne Mountain Zoo, situated at the foot of The Horns Peak. Just a five-minute walk away from the Ivywild School Market Place, the Luxe Towers Apartments offers residents access to a wide array of retail, restaurant, and entertainment options nearby. Even before the Covid-19 pandemic accelerated net migration into Colorado, Colorado Springs was a quickly expanding market. In the last 12 months, El Paso county has added more than 7,400 jobs, most of which are in Colorado Springs. While the COVID 19 pandemic has caused economic downturns in many markets, Colorado Springs has remained ahead of the curve in job growth and positive net migration in the region. Colorado Springs was recently ranked number three on Mutli-Housing News’ Top 10 Emerging Multifamily Markets List. Any investor looking to enter the Colorado Springs submarket should look no further than the Luxe Towers.