GRAND RIVER CANYON – 440
LARGEST SALE OF THE DECADE!
SECOND LARGEST SALE IN HISTORY!
REPRESENTED THE SELLER & BUYER
The complex had been listed with several large “national
brokerage firms” for many months
sale, even though the market was experiencing a
4% vacancy. The project also had actual cash flow over
none of these firms had a local Colorado Springs office or a
presence with the local market that Commonwealth has built
Commonwealth sold the project when the vacancy was 15% & the
project had negative cash flow! The buyers were LOCAL
INVESTOR CLIENTS since 1991.
approximately $5million down & qualified to assume a $30
FORGET THAT REAL ESTATE IS A LOCAL MARKET!
WILDRIDGE APARTMENTS -
RON SPRAGGINS, CCIM
SOLD TO LOCAL INVESTOR. THE COMPLEX RESOLD TWO YEARS
LATER FOR A $4 MILLION PROFIT!
SUNSET RIDGE APARTMENTS
JUST CLOSED FOR $21.6
MILLION, COMMONWEALTH WAS THE ONLY BROKERAGE FIRM INVOLVED.
WILLOWS at PRINTERS PARK-220 UNITS
LARGEST SALE FOR THE 3RD & 4TH QUARTER
The buyers were LOCAL INVESTOR CLIENTS of
Commonwealth since 1991!
The complex had been listed with an OUT OF TOWN
BROKER for many months without a sale!
None of the Denver or out of town firms have a
local Colorado Springs office or a presence with the local
market that Commonwealth has built since 1975.
NEVER FORGET THAT REAL ESTATE IS A LOCAL MARKET!
102 UNITS - SOLD 3 TIMES
RON SPRAGGINS, CCIM HAS QUITE
A HISTORY WITH THIS COMPLEX. RON WAS DIRECTOR OF MARKETING
FOR THE BUILDER SCURR-MESSENGER & ASSOC. THAT WERE THE
LARGEST BUILDERS IN COLORADO SPRINGS AT
THAT TIME. WHEN RON LEFT THE FIRM & OPENED HIS OWN
APARTMENT BROKERAGE FIRM, HIS LEFT WITH A LISTING ON THE
BROADMOOR VILLA IN 1971! RON LATER JOINT VENTURED THE
COMPLEX WITH ONE OF THE OLDEST COMMERCIAL BANKS, THE
EXCHANGE NATIONAL BANK IN 1976. COMMONWEALTH DID THE
PROPERTY MANAGEMENT DURING THE 5 YEAR HOLD. THE JV WAS
SUCCESSFUL WITH SEVERAL MILLION IN PROFIT. HE THEN SOLD THE
PROJECT FOR THE 3RD TIME IN 1993 FOR $1,425,000.
THE COMPLEX SOLD AGAIN IN 1997 FOR $3,650,000!
. . . AND
OVER 100 MORE!!!