Investment Overview

Marcus & Millichap is pleased to present Vista Peak Apartments, a well-located, 258-unit multifamily community situated at 1220 Potter Drive in the heart of southeast Colorado Springs, one of the region’s most dynamic and rapidly growing submarkets. Built in 1970, the garden-style property spans 14.69 acres and features an attractive unit mix of 14 one-bedroom units averaging 650 square feet, 164 two-bedroom units averaging 930 square feet, and 80 three-bedroom units averaging 1,005 square feet, offering renters more livable space than competing properties and investors an incredibly favorable unit mix that supports the thesis of ‘renting for longer’. Vista Peak presents a compelling value-add investment opportunity, with two- and three-bedroom units being highly desired by prospective renters, thereby offering an excellent basis for a value-add strategy. Current rents for three-bedroom units at Vista Peak are approximately $160 below market rates for similar units in the area, allowing a new investor to capture rent premiums with minimal capital investment required, while benefitting from stable, in-place cash flow. Current occupancy sits north of 97%, with very low turnover based on the favorable unit mix, highlighting the strength of tenant demand. Strategically positioned just 4.8 miles from Downtown Colorado Springs and under 20 minutes from the Colorado Springs Airport, the property is also located near major employment hubs including Fort Carson (30,000+ personnel), Peterson Space Force Base, U.S. Air Force Academy, and several defense and aerospace contractors such as Lockheed Martin, Northrop Grumman, and Raytheon. Nearby retail centers include Citadel Mall, Walmart Supercenter, and Safeway, while top-rated recreation options like Garden of the Gods, Cheyenne Mountain State Park, and Pikes Peak are just a short drive away. With limited new supply, falling vacancies, and rents still offering a 54% discount to homeownership costs in the area, Vista Peak is positioned to capture long-term rental demand from a growing and diverse tenant base. The combination of strong fundamentals, clear upside, and attractive pricing relative to comps makes this a rare opportunity to acquire a high-performing asset in one of Colorado’s most resilient multifamily markets.