SCP Wildfree Colorado Springs — Sale in Colorado Springs, CO

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Colorado Springs, CO 80906

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Description

SCP WildFree Colorado Springs presents the opportunity to acquire an existing hospitality asset and reposition it into a 176-unit multifamily community in southeast Colorado Springs. The proposed conversion consists of 176 studio apartments averaging approximately 350 square feet, creating an attainable rental product while leveraging the existing building envelope and infrastructure rather than pursuing ground-up development. The property has already benefited from substantial capital investment, with current ownership estimating approximately $11.37 million since 2018 across building infrastructure, common areas, guest rooms and other major components. The remaining capital program is clearly defined at approximately $30,000 per unit, consisting of $10,000 per unit of deferred maintenance and $20,000 per unit of multifamily conversion work. The business plan centers on completing the required change of use and annexation, executing the defined capital program and repositioning the existing hotel into an attainable multifamily community of meaningful scale. At the anticipated $7.5 million acquisition basis, the strategy results in an estimated $12.78 million total basis, or approximately $72,600 per unit, providing investors a differentiated path to multifamily ownership without the cost, timeline and construction exposure associated with ground-up development. Investment Highlights: • 176-Unit Hotel-to-Multifamily Conversion • $72,600/Unit Projected A II-In Basis • Existing Amenity Package Built for Multifamily • $949 Starting Rents | Attainable Housing • $11.37M+ of Prior Capital Investment • 71% Reduction in New Supply Pipeline

Market Context

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