FLATS AT FOUNTAIN
(Formerly known as Fountain Terrace)
57 units | Colorado Springs, CO
Property
Fountain Terrace is a vintage brick 3 story apartment complex with great potential. It consists of 27 1-bedroom apartments, 29 2-bedroom apartments and 1 studio. The floor plans are spacious, and it sits conveniently off Route 24 between the growing Knob Hill and Southeast neighborhoods.
With the interior finishes being outdated, this is significant value-add opportunity.
The Flats of Fountain Apartments are approx. 4 miles Southeast of CO Springs city center.
- 8 miles to Fort Carson and Evans Army Community Hospital
- 6 miles to Colorado Springs airport
- 3.5 miles to Boeing and 5 miles to Lockheed Martin’s CO Springs Offices
Below is a video of me doing an on-site inspection:
Strategy
Through execution of the business plan, the property will be transformed from under-utilized apartment units into 57 quality residences that are desperately needed by high quality tenants in the fast-growing Colorado Springs area.
Highlights
Purchased at a ~$1M discount to market
Top tier middle-class and military housing
Neighborhood experiencing rapid growth
Opportunity for immediate renovations and rent growth
Located just 60 miles south of Denver, Colorado Springs is the second largest city in Colorado as is in El Paso County, the most populous county in the state of Colorado.
Schedule a call today to start your journey in real estate investing.