New 300-unit Apartment Complex Planned for Colorado Springs

A 250- to 300-unit apartment community is planned for the InterQuest Marketplace retail and commercial complex, located on the far north side of Colorado Springs, CO. Construction will begin in a year, with the first units expected to open in early 2015.

The complex is being developed by Nor’wood Development Group of Colorado Springs and Western National Group of Irvine, CA. The two companies also are developing three other multifamily projects totaling 835 units in the Springs.

Bottom Line: Over 2,000 new units are now scheduled for Colorado Springs (mostly in the northeast submarket), and multifamily owners should be prepared for higher vacancies and reduced rents.

Read more at Colorado Springs Gazette