November 6, 2020, 9:00 AM
Newmark announces the sale of Blue Dot Place, a 33-unit multifamily community at 412 South Nevada Avenue in Colorado Springs, Colorado. Blue Dot Place, which delivered in 2016, was the first for-rent, multifamily product built in downtown Colorado Springs since the 1960s. Newmark Director Saul Levy and Executive Managing Director Kevin McKenna represented the seller, Darsey Nicklasson and Kathy Loo, in the sale to buyer, Ray, Tim and Brian Rhodes. The property sold for $13 million, or $393,393 per unit.
“The development of Blue Dot Place was a milestone for the resurgence of the downtown Colorado Springs market. With a gap in the development pipeline of 60 years, the property has been a beacon of growth and attracted further development to downtown Colorado Springs,” said Levy.
In 2013, Darsey Nicklasson partnered with fellow Colorado Springs resident, Kathy Loo, to provide much needed residential development to the downtown landscape–Blue Dot Place. Since completion, the first mixed-use project ever built in Colorado Springs comprises 33 Class A+ apartment units as well as three commercial spaces. Blue Dot Place has received and been nominated for several awards including Best Infill Project by Urban Land Institute Colorado in 2016. Blue Dot Place is featured as a national ULI case study on how to develop for multi-modal transportation.
“We felt an incredible responsibility to select a local buyer with stake in the community for Blue Dot Place, as it was always more than a development project to us. The project was about using residential development to contribute to the revitalization of a community and I think we truly accomplished that,” said Darsey Nicklasson. “We are thrilled to pass the reins to the Rhodes family and know that they will be stewards of the local Colorado Springs community as we have worked to be.”
“With our family having been in the Colorado Springs area since the 1960s, we were particularly excited to see Darsey and Kathy close the gap in new residential development which has been so long-standing in downtown. It is important for us to continue the legacy of Blue Dot Place and to build on the successful ground work that Darsey and Kathy helped lay for downtown Colorado Springs’ renaissance. We are excited to purchase and take over such an amazing building with such strong community support,” concluded Tim Rhodes.
Downtown Colorado Springs is experiencing an economic and cultural renaissance. In many ways, Blue Dot Place has been the catalyst for this urban resurgence. According to Newmark Research, since 2013, a total of $1.5 billion has been invested or announced for investment in the downtown area. The downtown area is now experiencing 68% year-over-year investment growth, with Blue Dot Place on the front end of this tremendous cycle of growth. Blue Dot Place provides residents of Colorado’s second largest city with unique, modern living accommodations and unmatched live-work-play options; evidenced by significant rent premiums over suburban multifamily communities in Colorado Springs. Blue Dot Place rents are $2.11 per square foot while new construction suburban communities are achieving rents of approximately $1.75 per square foot–this drastic delta is representative of the pent-up demand in downtown Colorado Springs.
About Newmark (Nasdaq: NMRK)
Newmark Group, Inc., together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, Newmark generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow @newmark.
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