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New apartment owners plans renovations

Posted: 11:37 AM, May 25, 2018
Updated: 2018-05-25 13:37:00-04

Slipstream Properties, the Denver-based buyer who recently acquired seven Colorado Springs apartment complexes, announced plans to renovate the 1,178 units over the next several years. In a news release issued Friday states that the property ownership group has purchased and renovated more than 1,000 residences in the Denver Metro Area and believes they have the experience necessary for such a large undertaking here in the Pikes Peak Region.

The properties include Pine Creek Village, Cedar Creek Club, Shannon Glen, South Pointe, El Vecino, Timbers Apartments and New Horizons. All seven were owned by Terry Ragan who has a long history of tenant complaints and code enforcement violations in Colorado Springs.

In April, Colorado Springs City Council passed an ordinance creating an escalating fee schedule for property owners deemed repeat offenders and chronic repeat offenders by Code Enforcement.

"Slipstream purchased these properties fully aware of the challenges that exist, and they see it as an opportunity to make the apartments a place where residents can enjoy a quality residential environment at a reasonable price," said Adam Riddle of Nexus Commercial Realty on behalf of Slipstream.  "These properties are positioned for a renovation over the next several years and this is the right team with the right experience for such a large undertaking."

Property manager Colorado Springs Apartment Management will work with residents and employees to ensure a smooth transition between owners and management the news release states. They added that Colorado Springs Apartment Management hopes to keep as many of the current employees as possible and will be looking to expand.