SAN FRANCISCO, CA (August, 2013) — Ron Abta and Travis Pacoe, principal investors and managers of multifamily properties in the mid-western and central United States, have purchased a 112 unit apartment project in Colorado Springs, Colorado. The acquisition is the second of several such investments planned for 2013.
“South Circle, extensively rehabbed in recent years, is in exceptional condition. Although stabilized, there is significant upside to be realized in conversion of several 3-bedroom units to their original configuration of 1 bedroom apartments. Further, the location in central Colorado Springs, with high traffic counts on South Circle Drive, is very good. We assumed the existing FNMA below-market rate loan with nearly 9 years remaining via Walker & Dunlop as servicer.” stated Travis Pacoe, general partner of Polaris Real Estate Partners. “We have acquired three properties in Colorado Springs over the past 12 months, and are looking forward to expanding our reach into other western states.”
South Circle Apartments is located in central Colorado Springs. Located between the traffic corridors of Airport Road and East Fountain Boulevard, it is directly adjacent to the Valley Hi Golf Course, with substantial shopping found on both Fountain Boulevard and Airport Road. Numerous health care and educational facilities are nearby on Airport Road, including the HealthSouth Rehabilitation Hospital of Colorado Springs, Peak Vista Community Health Centers, the Colorado Springs Fire Department Headquarters, the Space Technology and Arts Academy and more.
Polaris Real Estate Partners specializes in multifamily investment in the mid-western and central United States, with its principals collectively holding 40 years of direct real estate investment experience and approximately 1,500 units currently under ownership and management. The company and its principals have acquired multifamily properties, warehouses, manufacturing facilities and retail properties as well as improved and unimproved land. Polaris Real Estate Partners is currently seeking projects 100 to 350 units in size in the mid-western and central U.S.