16112 Old Forest Point | Monument, CO 80132

the OPPORTUNITY

Vistas at Jackson Creek is a 267-unit, garden-style apartment community located in the north Colorado Springs-MSA in the municipality of Monument, Colorado. Built in two phases in 2011 & 2015, the property features one, two, and three bedroom apartment units ranging from 762 to 1,336 square feet situated on 14.13 acres. Vistas presents an opportunity to acquire an institutional quality first generation value-add opportunity in one of the best performing apartments in the county.

Lavish unit amenities at property include private balcony or patio, in-unit washer / dryer, granite countertops, black GE appliances, custom cabinetry, and crown molding in the living areas. Select units feature mountain views, kitchen island, pantry, and linen closet. Thoughtful property amenities include pool, spa, clubhouse with gaming area, business center, dog park, fitness center, yoga studio, playground, poolside fire pit, barbeques, and picnic area.

Colorado Springs has proven to be one of the strongest and most resilient markets not only in Colorado but in the country. Through third quarter of 2020, market wide occupancy is 95.57%. Colorado Springs has seen an outstanding 18.3% rent growth year over year with annual rent growth of 19.8% year-over-year though the third quarter in Vista at Jackson Creek’s submarket. Colorado Springs continues to be a highly sought out destination for in-migration to the state. ​ A new owner will have the opportunity to purchase a high quality asset in a highly desirable market and increase revenue via cosmetic property improvements.

investment highlights

First Time Value-Add Potential

 

Phase I of Vistas at Jackson Creek delivered in 2012 allowing a new owner the opportunity to take advantage of a renovation program for the first time at the property to realize significant rental increases. Recommendations for an amenity refresh includes modernizing color schemes, updating design elements, and new furniture for the clubhouse and pool deck. Interior improvement recommendations include installing stainless steel appliances, painted cabinetry or new cabinet fronts, backsplashes, new LVT flooring, new paint, new light fixtures, and installing solid surface counters in the bathrooms. Based on proximate supporting rental comparables, post-renovation premiums will command $600 over average in-place rents with an average rent per SF of $2.20.

​ Strategic Monument location with some of best demographics in the MSA

Vistas at Jackson Creek sits centrally located between Colorado Springs and South Denver providing superior connectivity to employers throughout the two largest metropolitan areas of Colorado. Via I-25, Colorado’s main North to South interstate, residents can commute to Downtown Colorado Springs in 25 minutes, Castle Rock in 30 Minutes, and the Denver Tech Center in 45 minutes.

Top Tier, High Growth, Market

Colorado Springs is one of the fastest growing markets in the US due to affordability, high job formation, wage growth, and accessibility to a variety of outdoor and recreational amenities. According to RealData (ApartmentInsights), through the third quarter of 2021, average rents across the market are up 18.3% year over year with average rents per unit up to $1,419. Although rents in the Colorado Springs market have rapidly accelerated, the market is till below averages in the Denver and Northern Colorado MSA’s.

Convenient Access to Retailers and Entertainment

 

Vistas at Jackson Creek has numerous retailers in direct proximity to the property providing residents convenient access to necessities. Large retailers across the street include Walmart Supercenter, King Soopers, The Home Depot, Kohl’s, and PetSmart. One exit to the south, major retailers include Sprouts Farmers Market, Ace Hardware, Boot Barn, and Bass Pro Shops. In addition to the numerous outdoor activities Colorado Springs has to offer such as hiking trails and several world class golf course, one exit south of the property there plenty of entertainment options including Top Golf, AirCity 360 Amusement Center, and Overdrive Raceway.

property summary

ADDRESS

16112 Old Forest Pt., Monument, CO 80132

STYLE

Garden

YEAR BUILT

2011 & 2015

STORIES

3

UNITS

267

RENTABLE SF

265,932 SF

PARCEL NUMBERS

7125209001, 7125209002

ACREAGE

14.13 AC

PROPERTY AMENITIES

  • Clubhouse with Gaming Area
  • Business Center
  • Dog Park
  • Swimming Pool
  • Hot Tub
  • Fitness Center
  • Yoga Studio
  • Playground
  • Gas Barbeques
  • Picnic Area
  • Cyber Coffee Bar
  • Poolside Fire Pit with Mountain Views

UNIT AMENITIES

  • Private Balcony or Patio
  • Wood-Style Flooring
  • Washer and Dryer
  • Mountain Views*
  • Large Kitchen Island or Pantry*
  • Linen Closets*
  • Walk-In Closets
  • Ceiling Fan
  • Coat Closet*
  • Full-Size Black GE Appliances
  • Granite Countertops
  • Oversize Soaking Bathtubs
  • Built-in Medicine Cabinet
  • Two-Tone Crown Molding, Baseboard, Door Trim, and Window Trim
  • Pendant Lighting*
  • Light Stained Natural Wood or Espresso Colored Custom Cabinetry

*In Select Units

photo gallery

Location

RAPID GROWTH POPULATION

The population within the TMA is slated to increase 12.8% over the next five years, surpassing 33,200 by 2026
 
Compared to the 6.5% growth rate across the county rate over the same time

AFFLUENT HOUSEHOLDS

The TMA’s median household income ($121,306) is roughly 70% higher than the median household income across El Paso County ($71,359)
 
63% of households within the TMA boast an income of $100,000 or more, compared to 33% across El Paso County

HIGHLY EDUCATED

60% of residents aged 25 or older boast a bachelor’s degree or higher, in contrast to 39% across El Paso County

KEY RENTER AGE GROUP

In 2021, 26% of residents are in the key renter age group of 18 to 35 years of age
 
In contrast to 24% across El Paso County
 
The key renter cohort within the TMA is estimated to increase nearly 21% through the next five years, surpassing 9,090 people by 2026
 
Over the same time, the 18 to 35 years of age cohort across El Paso County is estimated to grow nearly 8%

SOPHISTICATED ​ WORKFORCE

78% of population age 16+ are in
white-collar positions - higher than
the metro average of 68%

INCOME GROWTH

The median household income across El Paso County is slated to increase 11% over the next five years, reaching $134,603 by 2026

BERKADIA DENVER

1331 17th Street
10th Floor
Denver, CO 80202

Investment Advisors

NICK STEELE

Senior Director
303.689.8306
nick.steele@berkadia.com

JOHN LARATTA

Senior Director
303.607.0025
john.laratta@berkadia.com

TYLER KING

Director
303.607.0847
tyler.king@berkadia.com

NATE MOYER

Associate Director
303.689.8320
nate.moyer@berkadia.com

Financing

BRIAN HUFF

Managing Director
303.689.8314
brian.huff@berkadia.com

KEVIN BATT

Senior Director
303.689.8309
kevin.batt@berkadia.com

Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada. ​ ​

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