Real Estate

Atlanta real estate firm targets nearly 500 new apartments in Colorado Springs | Shared content only

An out-of-town real estate firm that has invested in the Colorado Springs condo market through its $139 million purchase of two suburban condos, has targeted the construction of a pair of multi-family projects totaling about 500 units.

Atlanta-based Cortland is seeking approval to build a 294-unit apartment complex northwest of Powers Boulevard and Platte Avenue on land that forms part of the Patriot Park office’s east side campus, according to plans presented by company representatives to city officials.

The proposal shows a mixture of one-, two- and three-bedroom apartments in five buildings on approximately 10.5 acres in Patriot Park, where land uses have in recent years shifted from office to residential. The existing condominium and single-family homes now occupy a large portion of Patriot Park.

Over 600 new suburban style apartments planned in Colorado Springs

Outdoor facilities at the planned Cortland complex will include a swimming pool, courtyard, grills, fire pits, and dog park, while a fitness center, café, podcast room, and elevators in one of the buildings will be among the project’s interior features, as the company’s proposal offers.

Cortland says it expects to attract young professionals, and renters who want to downsize and empty their nest. The site has access to large employment centers, such as Peterson Space Force Base and Colorado Springs Airport, and is close to stores, schools and public transportation, the company’s proposal states.

Cortland officials could not be reached for comment on Friday.

Investment in downtown Colorado Springs has risen to $2.2 billion since 2013

The company entered the Colorado Springs market when it paid $73.3 million in November 2016 for the 440-unit Grand River Canyon condos southwest of Academy and Briargate Streets, according to El Paso County land records. The property’s name was changed to Cortland Grand River.

Two years later, land records showed Cortland paid $65.8 million for the 272-unit high rise apartments northwest of Bowers and Barnes Street, which was renamed Cortland Powers North.

Now, the company has launched construction of 182 units, four expansion buildings in Cortland Powers North, which is taking place south of the current project, according to city planning and Pikes Peak Regional Building Administration records.

The sale prices of two condominiums in Colorado Springs have doubled in less than 5 years

The Cortland projects are just the latest examples of multi-family construction in the Colorado Springs market, where rising demand for apartment housing and standard rentals has drawn new developers to the area and prompted local businesses to make their own efforts.

Some of the latest projects include over 600 units proposed by Texas and California real estate companies; A company in Ohio wants to add 290 units to its existing 582-unit project; Several hundred apartments are under construction in downtown Colorado Springs.

In addition to the multi-family development, industry experts said investors held back by high Denver prices and a lack of available real estate are paying higher dollars to purchase residential properties located in Colorado Springs.



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