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.
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SOURCE Walker & Dunlop, Inc.