Durango, CO – Colliers International Multifamily Advisory Group announced the sale of the Hillcrest Apartments located at 1000 Goeglien Gulch Road, Durango, CO. This 112-Unit Community was built in 2002 and was sold on May 9, 2019. The buyer was Denver, CO based, Blueline Equity Partners. The seller was Virtu Investments out of San Francisco, CA, and was represented by Colliers International brokers Craig Stack and Bill Morkes.
The property is perfectly positioned next to Fort Lewis College and in one of the most desirable neighborhoods in Durango. Durango is a year-round tourist destination and the economic hub for southern Colorado and northern New Mexico.
The Durango valley, like many desirable mountain communities is experiencing an influx of residents faced with an overall housing shortage due to scarcity of land and high cost of development. The supply and demand fundamentals result in low vacancies and steady rent growth for investors. Investors that historically shied away from smaller communities are now flocking to these markets. Hillcrest Apartments received multiple offers from investors from across the country
About Denver Multifamily Advisory Group
The Colorado Multifamily Advisory Group specializes in the disposition of multifamily assets and land suitable for multifamily or for-sale residential new construction in the Rock Mountain Region. Our transaction experience includes working with both private clients and institutions – including both For-Profit and Non-Profit entities. Our expertise includes:
- Market Rate Housing
- Affordable Housing (LIHTC and Project based HAP)
- Senior Housing
- Student Housing
- Land for Multifamily Development
For more information about the team, their website can be found at comultifamily.com