Summer Grove

Summer Grove Apartments

Summer Grove Apartments, located at 3802 Half Turn Road, Colorado Springs, CO 80917, was constructed in 1971 and 1972 and is an apartment community consisting of four rental buildings and offers one-bedroom (274), two-bedroom (98) and three-bedroom (2) units, on 9.21 acres. An affiliate of The Axton Group acquired the property in partnership with The Bascom Group in June 2019 at an attractive basis of $82,887 per unit, or $31,000,000, a discount to both comparable sales and replacement cost. The property is conveniently located in central Colorado Springs and the business plan includes interior and exterior renovations, while still offering tenants an attractive and affordable place to live. Summer Grove has a variety of community amenities and provides residents with convenient access to shopping, dining and major employment centers throughout El Paso County.

Key Drivers

  • Well located community with convenient access to strong employment centers, schools and numerous retail and entertainment options
  • Attractive and affordable place to live
  • Elite quality of life
  • Very little new construction of multifamily communities over the past several years
  • Significant pace of population growth and strong demographic fundamentals

Tanglewood

Tanglewood Apartments

Tanglewood Apartment Homes, located at 3803 Half Turn Road, Colorado Springs, CO 80917, was constructed in 1972 and is an adjacent apartment community to Summer Grove Apartments consisting of five rental buildings and offers one-bedroom (64) and two-bedroom (48) units, on 2.93 acres. An affiliate of The Axton Group acquired the property in partnership with The Bascom Group in June 2019 at an attractive basis of $90,625 per unit, or $10,150,000, a discount to both comparable sales and replacement cost. The property is conveniently located in central Colorado Springs and the business plan includes interior and exterior renovations, offering tenants an attractive and affordable place to live. Tanglewood has a variety of community amenities and walkable grounds, providing residents with convenient access to neighboring entertainment and major employment centers.

Key Drivers

  • Well located communities with convenient access to strong employment centers, schools and numerous retail and entertainment options
  • Attractive and affordable place to live
  • Elite quality of life
  • Very little new construction of multifamily communities over the past several years
  • Significant pace of population growth and strong demographic fundamentals