Multifamily

Cottonwood View Apartment Homes

Listing Price: Request For Offer

Number of Units
192
Occupancy
95.00%
Gross SF
201,800

Investment Overview

Cottonwood View Apartments is a 192-unit multifamily market rate property located in Parachute, Colorado, which is approximately halfway between Grand Junction (44-miles from Cottonwood View to the west) and Glenwood Springs (42.5-miles from Cottonwood View to the east). Cottonwood View serves as a primary affordable rental option in Parachute, CO, for workforce housing for those who work in Glenwood Springs, Grand Junction, and the Roaring Fork Valley, up to Aspen, CO as the current rents are substantially lower than the average Glenwood Springs rents. Having some of the lowest asking rents in a 40-mile radius, there is great potential for rental increases without major capital expenditure investment as the current rents are substantially below the comparable properties of similar size, condition, and vintage. The immediate upside is bringing all units to the latest achieved lease rates. The owner has replaced all roofs (2010-2019), furnaces, air conditioning units, and approximately 150 hot water heaters over the past five years. Also, over the past five years, the owner has completely renovated 48 units for approximately $9,500 per unit, with new plank flooring, appliances, granite counters, cabinetry, bathroom vanities, and windows. The owner partially renovated 48 units with updated flooring, appliances, granite counters, and windows. Also, 88 additional units have received new paint and flooring. In addition to extensive renovations, ownership has completed extensive exterior and ground maintenance in recent years including seal coating and striping the parking lot in 2015. There are approximately 300 additional windows (scheduled for installation), maintenance/landscaping equipment (including mower), and a stockpile of washers/dryers (which the owner rents to tenants) will be included in the sale of this property.

Featuring 95 two-bedroom and 97 three-bedroom apartment units. This property features highly demanded amenities including balconies, plank flooring, wood-burning fireplaces, designer cabinetry, updated counter-tops, black appliances, washer/dryer hookups, and dishwashers. Community amenities include a basketball court, ample parking, bicycle storage, on-site management, and a courtyard. As a strong asset with plenty of upside potential, Cottonwood View Apartment Homes is an excellent asset for any investor seeking to expand their portfolio.

Investment Highlights

  • 192-Unit Multifamily Consisting of Two and Three-Bedroom Units
  • Ample Parking, Storage Units, Laundry Facilities, Courtyard, and More
  • Dishwashers, Large Walk-In Closets, Private Balcony/Patio, Wood Burning Fireplaces
  • Workforce Housing for Glenwood Springs & Aspen Valley

Exclusively Listed By

Multifamily

Cottonwood View Apartment Homes

Listing Price: Request For Offer

Number of Units
192
Occupancy
95.00%
Gross SF
201,800

Investment Highlights

  • 192-Unit Multifamily Consisting of Two and Three-Bedroom Units
  • Ample Parking, Storage Units, Laundry Facilities, Courtyard, and More
  • Dishwashers, Large Walk-In Closets, Private Balcony/Patio, Wood Burning Fireplaces
  • Workforce Housing for Glenwood Springs & Aspen Valley

Investment Overview

Cottonwood View Apartments is a 192-unit multifamily market rate property located in Parachute, Colorado, which is approximately halfway between Grand Junction (44-miles from Cottonwood View to the west) and Glenwood Springs (42.5-miles from Cottonwood View to the east). Cottonwood View serves as a primary affordable rental option in Parachute, CO, for workforce housing for those who work in Glenwood Springs, Grand Junction, and the Roaring Fork Valley, up to Aspen, CO as the current rents are substantially lower than the average Glenwood Springs rents. Having some of the lowest asking rents in a 40-mile radius, there is great potential for rental increases without major capital expenditure investment as the current rents are substantially below the comparable properties of similar size, condition, and vintage. The immediate upside is bringing all units to the latest achieved lease rates. The owner has replaced all roofs (2010-2019), furnaces, air conditioning units, and approximately 150 hot water heaters over the past five years. Also, over the past five years, the owner has completely renovated 48 units for approximately $9,500 per unit, with new plank flooring, appliances, granite counters, cabinetry, bathroom vanities, and windows. The owner partially renovated 48 units with updated flooring, appliances, granite counters, and windows. Also, 88 additional units have received new paint and flooring. In addition to extensive renovations, ownership has completed extensive exterior and ground maintenance in recent years including seal coating and striping the parking lot in 2015. There are approximately 300 additional windows (scheduled for installation), maintenance/landscaping equipment (including mower), and a stockpile of washers/dryers (which the owner rents to tenants) will be included in the sale of this property.

Featuring 95 two-bedroom and 97 three-bedroom apartment units. This property features highly demanded amenities including balconies, plank flooring, wood-burning fireplaces, designer cabinetry, updated counter-tops, black appliances, washer/dryer hookups, and dishwashers. Community amenities include a basketball court, ample parking, bicycle storage, on-site management, and a courtyard. As a strong asset with plenty of upside potential, Cottonwood View Apartment Homes is an excellent asset for any investor seeking to expand their portfolio.

Exclusively Listed By

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