Multifamily Sales Double in Colorado Springs as Rents Continue To Plunge
Colorado Springs certainly has its ebbs and flows currently for multifamily — but sales look strong. Volume in the first half more than doubled to $208 million, compared to $100 million in the same period last year.
The two largest sales by far involved properties Forge Briargate and Upland Flats, which traded hands for $82.7 million and $81.8 million, respectively. The next biggest was Widefield Apartments, which went for $15 million. Everything else sold for $6 million or less in the market during the first six months.
The strong investment activity came as occupancy surged by 170 basis points to 94 percent. By multifamily property type, assets built during the 1980s enjoyed the biggest gains, with an increase of 2.8 percent.
But now on to the not-so-great elements in Colorado Springs. For one, rents continue to decline, with prices falling to $1,451, down four percent year-over-year.
"Rents have largely followed a downward trend since H2 2023," CBRE explained.
Also, while net absorption remains positive, CBRE noted that it continues to see declines as well. Demand has fallen by 34.7 percent in the first six months of the year to 1,023 units.
To end on a bright note, supply appears to be coming down significantly. Just 543 units of deliveries were recorded in the first six months of 2025 — just a fraction of the 3,666-unit peak in the second half of 2023. CBRE did not provide a forecast — but multifamily landlords in Colorado Springs will hope that will mean fundamentals will strengthen in the coming quarters.
Source: GlobeSt/ALM