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 are 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. Colorado Springs continues to distinguish itself as one of the fastest-growing metropolitan areas in the country and continues to show signs of stabilization as demand remains strong and fundamentals improve. Population growth is projected to outpace the national average by nearly three times over the next five years. At the same time, annual absorption remains well above historical averages, and vacancy has declined meaningfully over the past year. Additionally, the development pipeline continues to normalize, with units under construction remaining approximately 71% below the market’s recent peak. As new deliveries moderate, the combination of sustained renter demand and a significantly reduced construction pipeline is expected to support continued improvement in occupancy and rent growth over the coming quarters. Existing assets like Luxe Tower are well-positioned to capitalize on Colorado Springs’ strong long-term fundamentals and the improving supply-demand dynamic. The property’s irreplaceable location, situated equidistant between The Broadmoor and Downtown Colorado Springs, combined with its high-quality, Class B finishes, enables it to compete effectively with newly delivered luxury communities. While comparable new construction commands rents approximately 29% higher than Luxe Tower, the property offers similarly modern interiors at a meaningful discount, creating a compelling value proposition for renters seeking a premium living experience without paying top-of-market rents. As new supply continues to moderate, Luxe Tower is well-positioned to capture accelerating rent growth while maintaining its competitive advantage over both Class A communities and the increasingly expensive for-sale housing market.