Glendale, Colo.-based real estate company Slipstream Properties, along with a joint venture partner, acquired a seven-property, 1,178-unit multihousing portfolio in Colorado Springs, Colo., in a roughly $102.3 million deal.
The company also secured an interest-only loan equal to 79% of the project's expected cost total, including funding for a future renovation. The loan bears interest at 3.50% over the 30-day London Interbank Offered Rate.
Colorado Springs Property Management will operate and manage the properties: Pine Creek Village at 720 Chapman Drive; Shannon Glen at 260 N. Murray Blvd; Cedar Creek at 1030 S. Chelton Blvd.; El Vecino Apartments at 1806 Monterey Road; South Pointe Apartments at 3815 Lakehurst Drive; Timbers Apartments at 2818 Airport Road; and New Horizon Apartments at 4975 El Camino Drive.
Holliday Fenoglio Fowler LP represented Slipstream in the transaction.
