Denver developer buys remaining apartment complexes owned by Ragans

Posted at 4:53 PM, May 24, 2018
and last updated 2018-05-24 18:53:31-04

Nexus Commercial Real Estate announced Thursday a Denver-based Apartment development company, Slipstream Properties, agreed to buy seven apartment complexes owned by Terry and Todd Ragan.

This sale now means the Ragans no longer own or operate any multifamily properties in Colorado Springs.

The $102.25 million deal means seven apartment complexes, mostly in the southeast part of Colorado Springs, will now be owned by Slipstream.

  • Pine Creek Village Apartments (sold for $29.2 million)
  • Shannon Glen Apartments (sold for $17.8 million)
  • Cedar Creek Club Apartments (sold for $14.25 million)
  • El Vecino Apartments (Sold for $12.25 million)
  • South Pointe Apartments (Sold for $13.35 million)
  • Timbers Apartments (Sold for $7.35 million)
  • New Horizons Apartments (Sold for $8.05 million)

That deal means Slipstream Properties acquired nearly 1,200 units of multi-family housing between the seven complexes. In a news release from Nexus Commercial Real Estate, it said Slipstream was "aggressively looking in this submarket for some time to add more properties to its growing portfolio."

In the news release, Nexus said the Ragans have been selling pieces of their portfolio over the last five years, resulting in this sale of their last seven properties.

“We had a very complicated deal and through a combined effort we were able to get it to the finish line," Todd Ragan said in a news release. "We are all very happy with the outcome.”

As News 5 has reported, some of these units at the Pine Creek Village Apartments were considered unlivable and we documented numerous code violations at some of those properties in the past.