A Denver investor has scooped up Lincoln Springs Apartments, a 180-unit complex at 1170 South Chelton Road in southeast Colorado Springs, paying $14.65 million for the property. The purchase slots neatly into the broader Front Range trend of buyers chasing better yields in the Springs instead of shelling out for Denver’s higher-priced neighborhoods.
According to CoStar, Denver-based VareCo is the buyer behind the deal and paid $14.65 million for Lincoln Springs. The property was marketed by Cushman & Wakefield brokers Jeff Dimmen, Patrick Knowlton, and Benton Adams. CoStar also reports that VareCo has been busy across Colorado’s multifamily market and now owns nearly two dozen apartment buildings.
Deal and property details
Lincoln Springs, at 1170 S Chelton Rd, totals 180 units across roughly 131,535 square feet, according to Yardi Matrix. Listings show midrange rents and basic amenities that include a pool and clubhouse, per Apartments.com. Using the sale price reported by CoStar and the 180-unit count above, the math works out to roughly $81,400 per unit.
Why Denver buyers are hunting in the Springs
This latest purchase lines up with a longer-running pattern of Front Range investors heading south for lower entry costs and stronger cap rates than they typically find in Denver. As reported by The Gazette, Denver-based buyers have been snapping up similar multifamily properties in Colorado Springs in recent years.
About the buyer
VareCo is a Denver investment and property-management firm. In 2024, the company was the subject of an EPA Region 8 enforcement action that resolved alleged Renovation, Repair, and Painting (RRP) Rule violations with a $125,000 penalty, according to the agency’s enforcement report. The settlement underscores the kind of regulatory risk owners can face when renovating older, pre-1978 housing stock, which is common across the Springs…