Clear Capital, LLC Acquires 108 – Unit Multifamily Property in Colorado Springs, CO
Clear Capital, LLC
HEADQUARTERS: Irvine, Los Angeles
FOUNDERS: Eric Sussman, Greg Worchell, Daniel Hardy, Paul Pellizzon
BUSINESS: Multifamily Real Estate
RECENT ACQUISITION: 108 -Unit Value-Add Apartment Community in Colorado Springs, CO
IRVINE, CA, December 3, 2021 – Clear Capital, LLC a Los Angeles-based private equity real estate investment firm specializing in multifamily investments, announces the acquisition of Fireside Apartments, a 108 – unit, multifamily property in Colorado Springs, CO. The asset is located less than four miles from downtown Colorado Springs and will be re-branded “Aspire Colorado Springs” upon takeover.
Constructed in 1971, Aspire Colorado Springs is situated on 2.3 acres at 610 North Murray Boulevard in Colorado Springs, CO. The community has a desirable unit mix of one and two-bedroom apartments, attracting a wide range of residents from various demographics. The community’s amenities such as a sparkling pool, clubhouse, dog park and ample outdoor social areas makes for a comfortable living experience. With 10 of the units recently renovated, Clear Capital plans to continue renovations on the remaining 98 classic units. The interior renovation scope will include a full remodel of the kitchens including stone countertops, stainless steel appliances, new lighting, cabinet fronts, and plumbing hardware as well as new vinyl faux wood flooring throughout the apartment homes. On the exterior Clear Capital plans to upgrade landscaping, renovate the clubhouse, repair the roof & siding, and enhance the marketing window.
“We are thrilled to close on another promising off-market investment opportunity with significant value-add upside,” said Enrique Huerta, Clear Capital’s Vice President of Acquisitions. “This transaction represents the firm’s third acquisition in Colorado Springs, and the fourth in the state of Colorado. Clear Capital is clearly demonstrating its commitment to improving Colorado’s housing stock and we remain bullish on Colorado Springs as an emerging growth market.”
This purchase marks Clear Capital’s 27th multifamily investment. Clear Capital’s recent acquisition highlights the company’s investment strategy of purchasing value-add opportunities with strong cash flow, significant location and operational upside in high barrier-to-entry markets. This investment aims at providing investors a current cash yield with a double-digit levered IRR over a 5-Year hold period.
“This investment remains consistent with our thesis of expanding into strong, emerging markets with untapped potential. The property acquisition adds strategic synergies to Clear Capital’s growing portfolio given its proximity to existing holdings,” stated Eric Sussman, a founding partner at Clear Capital. “We remain disciplined when seeking out opportunities, and this acquisition will allow the firm to diversify further across property vintage and geographic location while allowing Clear Capital to execute the value-add business plan and maximize returns to its trusted investors.”
Aspire Colorado Springs is ideally located, adjacent to a major thoroughfare. The property benefits from drive-by visibility and has easy access to interstate 25, providing an effortless commute to major employment centers, desirable retail and quality healthcare and educational offerings throughout Colorado Springs. Colorado Springs has become one of the fastest growing cities in the U.S and is the second largest city in Colorado. The year over year employment is expected to grow by 4.51%. Colorado is ranked #4 out of 388 in the U.S for job growth. With population growth projected to increase by 8.4% over the next 5 years, Colorado Springs will experience the largest population growth by County in the state of Colorado.
About Clear Capital
Clear Capital is a private equity real estate investment firm with a 20+ year track record of creating significant value for investors. Our founding partners individually have over 30 years of experience in real estate investment and have applied a distinctive approach to investing across the United States. Strategic target markets include select cities in the Mountain West, Southwest, and Southeast regions of the United States. Clear Capital and its affiliates control over $950 million in multifamily real estate investments that have consistently produced strong returns in the mid-to-upper teens.
For more information or to make an investment, please visit clearcapllc.com. Follow us on LinkedIn and Facebook for the latest company developments.
Tania Kapoor Mirchandani
Vice President Capital Markets
[email protected] / (323) 642-9632