East Hills Apartments 730-740 E Hills Rd 32 Unit Apartment Building $3,300,000 ($103,125/Unit) Colorado Springs, CO 80909

CBRE is pleased to present East Hills Apartments, a 32-unit multifamily community in Colorado Springs, Colorado. Constructed in 2000, East Hills is a rare newer-vintage offering in a submarket dominated by 1960s–1980s product, featuring a balanced 50/50 mix of one-bedroom and two-bedroom units across two well-maintained garden-style buildings. Current ownership has invested meaningfully in the asset, including new windows, updated appliances, and interior and exterior improvements throughout — positioning the property for a new owner to focus on revenue growth rather than major capital replacement.
The opportunity is defined by substantial, capturable rent upside. For the duration of current ownership, East Hills has operated under a voluntary affordability arrangement with Greccio Housing that restricts resident eligibility by income — limiting tenancy to households at or below 80%–100% of Area Median Income. The property's below-market rents are therefore a function of ownership's mission-driven operating philosophy, not any regulatory or contractual rent ceiling. This arrangement is governed by a terminable property-management agreement — not a deed restriction or regulatory mandate — which the owner may end upon sale with 30 days' written notice, returning full rent-setting authority and an unrestricted applicant pool to the next owner. In-place effective rents currently sit roughly $201 per unit below comparable market rents, representing an approximate 23% increase in rental revenue available through mark-to-market on turnover and light modernization.
Located minutes from downtown Colorado Springs (32,000+ jobs) and the Aviation Corridor (50,000+ jobs), East Hills sits in one of the nation's most highly ranked cities to live, with strong renter demand driven by elevated barriers to homeownership and a deep, diversified employment base. Offered individually at $3,300,000 ($103,125 per unit) — or as part of a 44-unit portfolio with the adjacent Mountain View Apartments — East Hills represents a well-located, low-capex asset with a clear and immediate path to outsized rent growth.