Vukota Real Estate Completes Acquisition of Aviator Apartment Homes In Colorado Springs, Colorado
07 December, 2016
December 6, 2016 – Vukota Real Estate is pleased to announce the acquisition of Aviator Apartment Homes, a 147-unit garden style apartment complex located in Colorado Springs, Colorado.
Aviator Apartment Homes is located between the two largest north-south thoroughfares in Colorado Springs (Academy and Powers Boulevard) which provides residents with immediate access to major city attractions. The property is located within a short walking distance from the one-million-square-foot Citadel Mall consisting of over 100 stores from Dillard’s to Bath & Body Works, along with The Citadel Crossing Shopping Center, which includes Lowes, Office Depot and Petco. Walmart Marketplace, Sam’s Club, Home Depot, and additional retailers can be found along Academy and Powers Boulevard, which have become popular destinations with shopping centers, restaurants, grocers, and big-box retailers.
The apartment complex offers unique floor plans with desirable unit mix. Floor plans average almost 900 square feet and consist of 97% two and three-bedroom units. We believe that this unique unit mix gives the property a distinct competitive advantage over neighboring properties.
In terms of market fundamentals, during the 4th quarter of 2015, Colorado Springs recorded its lowest vacancy rate of the past 15 years at 4.2%. In addition, Colorado Springs recently produced the strongest job growth numbers the city has seen since 2000, with ~7,400 jobs added in 2015. With 3.2% job growth rate, Colorado Springs is above the state and national average.
As for the apartment construction pipeline, less than 500 apartment units were added in Colorado Springs in 2015, and less than 600 units are projected to be delivered in 2016 and 2017. If current market absorption trends continue at over 1,000 units, absorption will outpace deliveries. This is expected to result in further tightening of the market and continued rent growth in 2016 and 2017.
Currently, Vukota Real Estate and its related entities own and manage over 3,000 apartment units.