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Fourth-quarter apartment rents climb again in Colorado Springs

Colorado Springs-area renters continued to pay more for apartments at the end of last year.
The average rent for a local apartment rose to $1,265.92 a month in the fourth quarter shy of a record, but still $62.33 higher on a year-over-year basis, according to a survey of apartment owners and landlords by Ron Throupe, an associate business professor at the University of Denver s Daniels College of Business, and Jennifer Von Stroh of Colorado Economic & Management Associates in Denver.
Fourth-quarter rents last year dipped almost $11 from the third quarter. But fourth-quarter costs traditionally decline from the third quarter because landlords see fewer renters late in the year and therefore lower rates to woo tenants, said Laura Nelson, executive director of the Apartment Association of Southern Colorado. ....

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Colorado Springs, El Paso County receive $21.4 million in rental and utilities assistance for residents

Colorado Springs and El Paso County have received about $21.4 million in federal rental and utilities assistance for residents in need and expects the aid will be ready for distribution before the national eviction moratorium expires at the end of March.
It s funding that could help the community dodge the eviction tsunami some have predicted could happen once protections for renters expire, said Laura Nelson, executive director of the Apartment Association of Southern Colorado. Thus far, rental assistance from the state and other sources has helped keep rent paid and delinquency rates low locally, she said.
I don’t think there’s going to be the tsunami, she said. ....

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Pikes Peak region advocates fear an eviction tsunami is coming

The modest retirement account belonging to Samantha Velez’s family has been reset to zero.
Just last month, with the coronavirus pandemic gutting jobs and slashing the family’s incomes, that money was used for something more pressing: rent.
“Sometimes, you got to do what you got to do,” Velez said. “For now, we’re looking at the short-term goal, which is to make sure we have what the kids need.”
Across the Pikes Peak region and Colorado, people are scrambling to pay rent and stay off the streets dipping into retirement savings, moving in with relatives and frantically searching for the few remaining job openings still available. But many experts say those measures can only go so far, and over the next few months, thousands of people could lose their apartments and houses to eviction without more financial help or flexibility from landlords. ....

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SVN® | DOUG CARTER LLC COMPLETES SALE OF THE PARK AT WHISPERING PINES APARTMENTS IN COLORADO SPRINGS FOR $26.47 MILLION

SVN® | DOUG CARTER LLC COMPLETES SALE OF THE PARK AT WHISPERING PINES APARTMENTS IN COLORADO SPRINGS FOR $26.47 MILLION
January 07, 2021 10:37 ET
| Source:
SVN International Corp.
SVN International Corp.
Boston, Massachusetts, UNITED STATES
Boston, MA, Jan. 07, 2021 (GLOBE NEWSWIRE) SVN | Doug Carter LLC one of the nation’s premier investment real estate brokerage firms, has completed the sale of the Park at Whispering Pines, a 207 unit apartment community built in 1974, at 3030 E. Fountain Boulevard in Colorado Springs, Colorado for $26.47 million.
Doug Carter of SVN | Doug Carter LLC represented the seller in this transaction. He also represented the family when they acquired the investment in 1987. The Park at Whispering Pines is a “best of class” community that attracted multiple buyers. Competing buyers resulted in a sale price above the asking price and a short five week period from list ....

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