Capstone Apartment Partners announced today the $15.25 million sale of Belmont Square Apartments. Situated on 4.48 acres along a main thoroughfare, the 138-unit asset is just minutes away from Colorado State University at Pueblo, a variety of dining and retail establishments, and public transportation.
Capstone’s Austin Smith represented the buyer, New York-based Cross Mountain Capital Management, in the transaction. They plan to execute a full value-add renovation strategy to reposition the property and improve the tenant living experience. They will be remodeling unit interiors as well as updating any out-of-date mechanicals on the property.
BWE Investment Sales represented the seller, Belmont Square Apartments LLC, in the transaction.
“It was a pleasure working with Mike and Eugene from Cross Mountain Capital on this value-add acquisition in Pueblo and helping them grow their Colorado multi-family portfolio. They made the transaction very smooth, and I look forward to seeing the transformation of the property as they inject capital over the next few years,” said Austin Smith of Capstone.
Built in 1977, Belmont Square is comprised of one- and two-bedroom floorplans in three stucco apartment buildings. Community amenities include a swimming pool, picnic/grilling area, playground, and courtyards. Belmont Square was approximately 97% occupied at the time of closing.
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Belmont Square Apartments, courtesy of Capstone.