Walker & Dunlop Completes $50 Million Sale for Colorado Springs Apartment Property

Rhea-AI Summary

Walker & Dunlop has successfully completed a $50 million sale of Ironwood at Palmer Park, a 192-unit multifamily property located in Colorado Springs, renowned for its value-add potential. This transaction was facilitated by the sales team led by Jake Young and involved a simultaneous exchange with Priderock Capital Partners and Tara Investment Group/Shefflin Investments. The sale marks a part of a larger $115 million portfolio exchange, as the multifamily market in Colorado Springs continues to thrive, with property prices aligning with those in Denver.

Positive

• Completed $50 million sale for Ironwood at Palmer Park, indicating strong market demand.
• Transaction part of a larger $115 million portfolio exchange, enhancing business profile.
• Sales volume increased by 117.43% in H1 2021 compared to H1 2020.

Negative

• None.

BETHESDA, Md., Oct. 7, 2021 /PRNewswire/ -- Walker & Dunlop, Inc. announced today that it completed the $50,000,000 sale for Ironwood at Palmer Park, a 192-unit multifamily property with tremendous value-add potential in Palmer Park, a suburban neighborhood in Colorado Springs, Colorado.

Managing Directors Jake Young, Dan Woodward, David Potarf, and Matt Barnett led the Walker & Dunlop sales team, serving as exclusive advisors to Priderock Capital Partners, the seller. The team handled the off-market sales process, ultimately facilitating the disposition to Tara Investment Group/Shefflin Investments, a private investment, development, and brokerage firm based in California.

Mr. Young commented, "The competitive sale for this prime asset is a testament to the strength of the multifamily market in Colorado Springs. Capital flow to the area has never been stronger, driving pricing comparable to the Denver market and an abundant appetite for value-add properties. This sale was also part of a larger $115,000,000 portfolio exchange that we handled, which included approximately 514 units across four different properties."

Joel Shefflin added, "What was unusual about this transaction is that Shefflin Investments sold its long-held Colorado Springs Portfolio comprising Aspen Townhomes, the Montecito, and Broadmoor Springs Apartments – totaling 322 units – to Priderock Capital Partners. Then, in turn, we acquired the 192-unit Ironwood at Palmer Park from Priderock in a simultaneous exchange." He continued, "This transaction is helping catalyze our growth into new markets, exemplified by our recent acquisition of The Ledges in Tucson, Arizona, and another planned acquisition in the Phoenix market."

Located minutes from Palmer Park, a 737-acre wildlife preserve and mesa overlooking the Colorado Springs, Ironwood at Palmer Park offers residents immediate access to hiking, biking, horseback riding, and other outdoor sports amenities. The property is also located within walking distance to retail shops, grocery stores, restaurants, and entertainment options, all located along the popular North Academy Boulevard. The property offers spacious two-bedroom apartment homes with private balconies and patios, fireplaces, and in-unit washers and dryers. Community amenities include a pool, leasing office, playground, volleyball court, fitness facility, grilling and picnic areas, and a business center.

Walker & Dunlop is a leader in multifamily property sales, having completed $4.74 billion in property sales volume in the first half of 2021, a 117.43% increase over the same period in 2020. The firm was also the top provider of capital to the U.S. multifamily market, originating $31 billion in transactions and lending over $24 billion for multifamily properties in 2020. For information about Walker & Dunlop's view on the apartment market, read our recently-released Summer 2021 Multifamily Outlook Report.

About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is the largest provider of capital to the multifamily industry in the United States and the fourth largest lender on all commercial real estate including industrial, office, retail, and hospitality. Walker & Dunlop enables real estate owners and operators to bring their visions of communities — where Americans live, work, shop and play — to life. The power of our people, premier brand, and industry-leading technology make us more insightful and valuable to our clients, providing an unmatched experience every step of the way. With over 1,000 employees across every major U.S. market, Walker & Dunlop has consistently been named one of Fortune's Great Places to Work^® and is committed to making the commercial real estate industry more inclusive and diverse while creating meaningful social, environmental, and economic change in our communities.

View original content to download multimedia:https://www.prnewswire.com/news-releases/walker--dunlop-completes-50-million-sale-for-colorado-springs-apartment-property-301395698.html

SOURCE Walker & Dunlop, Inc.

FAQ

What is the significance of the $50 million sale by WD?

The sale represents strong demand and valuation in the Colorado Springs multifamily market, indicating potential growth for shareholders.

How does the sale of Ironwood impact WD's portfolio?

This sale is part of a larger $115 million portfolio exchange, suggesting active management and repositioning of assets within WD's portfolio.

When was the $50 million sale of Ironwood completed?

The sale was completed on October 7, 2021.

What strategic advantages does WD gain from the Ironwood sale?

The sale enhances WD's status in a competitive market, potentially attracting further investment opportunities.