Cushman & Wakefield, as exclusive advisors to the Seller, is pleased to present Sun Haven Apartments, a 71-unit multi-family community in Pueblo West, Colorado. Situated on 15.61 acres of land, the property was constructed in 1970, fully renovated in 2008 (with some more recent upgrades) and sits at the end of the Desert Hawk at Pueblo West Golf Course; the only apartment property in Pueblo County that offers this luxury.
The 62 studios and 9 1-bedroom units present cost-effective options for millennials, seniors, and others seeking affordable and efficient lifestyles, while offering breathtaking mountain views and just steps away from Cattail Crossing Park, Civic Center Park, and the beautiful 18-hole golf course - Desert Hawk at Pueblo West.
Sun Haven Apartments offers a new investor a stable, well cash-flowing asset that also presents a tremendous redevelopment opportunity through developing the adjacent land and refurbishing and renting out the existing 9,716 square foot commercial space attached to the apartment units. Potential uses for the commercial space include a restaurant/bar, conference room, or some other type of community space that could benefit tenants and attract golfers and locals alike.
Currently, ownership is not billing tenants back for utilities, allowing a new owner another method to increase cash flow by implementing a utility reimbursement (RUBS) system. Even a very nominal utility reimbursement of $25/unit/month increases the NOI more than $20,000/year. The adjacent land offers flexible zoning (Pueblo B-4 Zoning) that allows for retail and personal service (office) uses by-right. Uses allowable through a Special Use Permit after a review by the Planning Commission are: residential/ multi-family, hotel or motel, a bed and breakfast, brewery, and more.
• Current Cap Rate: 6.72%; Proforma Cap Rate: 10.31%
• Value-add opportunity: tremendous upside by increasing rents to market-level, implementing RUBS utility reimbursement, refurbishing the vacant commercial space, and developing the adjacent land
• Represents 48% market-share of market-rate apartments in Pueblo West
• Adjacent to Cattail Crossing Pond and Civic Center Park
• Situated at the 18th hole of the Desert Hawk at Pueblo West Golf Course
• Flexible Pueblo B-4 zoning
• Close proximity to Lake Pueblo State Park/Pueblo Reservoir The asset is master metered for gas, electric, and water.
