About this Property
Antero Apartments is a serene 528-unit Class B apartment community sitting on 20.94 acres in Colorado Springs, Colorado. Antero is perfectly positioned between the two largest North-South thoroughfares in the city, Academy Boulevard and Powers Boulevard. Residents are drawn to the immediate access to major city attractions when heading either east or west from Antero along Highway 24. Antero provides a proven value-add opportunity with 50% of the units recently upgraded and achieving an impressive $100 in average rent bumps. RealSource acquired Antero in May and is making available just under $2 million of its $2.5M position to a limited group of accredited investors.
- Proven Value-Add Opportunity: With half of the property still primed for renovation, Antero has the potential to generate more than $300K in additional annual income.
- Favorable Market/Submarket Fundamentals: In the second quarter of 2014, vacancy came in at its lowest in the past 10 years at 4.5% – well below the Colorado Springs 2nd quarter average of 5.5% Colorado Springs as a city has also made substantial gains with a year-over-year market rent growth of 6.1% during Q2 of 2014.
- Major Nearby Employers: Antero is conveniently located near several large defense contractors including Northrup Grumman, ITT Exelis, ITT Industries Inc., Doss Aviation, Raytheon Co., and more. These companies employ more than 3,500 workers within 10 minutes of the property.
- Stable Military Influence: Antero is within a short drive of two prominent military bases; Peterson AFB and Fort Carson Army Base.
- Proximity to Significant Retail: The property is across the street from a prominent Safeway-anchored retail center and within a short drive of Citadel Mall. Citadel Mall offered one million square feet of retail space and bolsters 90%+ occupancy. Notable tenants include: Dillard’s, Barnes & Noble, and Lowe’s.