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Mar 27, 2024

Northland Acquires Estate at Woodmen Ridge in Colorado Springs Expanding Colorado Footprint

Premier multifamily owner-operator enters Colorado Springs market with 260-unit community


Colorado Springs, CO – Northland, a national real estate private equity firm with $8 billion of assets under management, announced today the acquisition of Estate at Woodmen Ridge. Built in 2014, the 260-unit, garden-style community is located in the Wagon Trails submarket of Northeast Colorado Springs. Situated in one of the most desirable places to live in the U.S., as recognized by U.S. News & World Report the past two years, Estate at Woodmen Ridge is well-positioned to capitalize on the region’s explosive growth as notable companies like Amazon, Verizon, Progressive, USAA, HP, Oracle, Boeing, Lockheed Martin, and Northrop Grumman continue to establish a strong presence in Colorado Springs.


Northland’s entry into the Colorado Springs market follows its 2018 acquisition of 1600 Glenarm, a prominent 31-story mixed-use asset in downtown Denver. “We are thrilled to be growing in Colorado with the acquisition of Estate at Woodmen Ridge, marking Northland’s second investment in the state, and we are committed to expanding our portfolio in the region,” says Everett Palozej, Northland’s Director of Investments. “Colorado Springs continues to be a very attractive city for both employers and residents due to the market’s educated talent pool, low cost of living, and high quality of life. We see these factors as key drivers of long-term economic growth.”


The property includes 13 walkup residential buildings, each housing 20 units, with one-, two-, and three-bedrooms and an average unit size of 996 square feet. Community amenities include a clubhouse and resident lounge, swimming pool, fitness center, entertainment and theatre room, community kitchen, outdoor fireplace and grilling stations, and a dog park.


While the asset has been well-maintained, Northland intends to improve the property’s curb appeal by modernizing its exterior finishes and upgrading the existing amenities. To enhance the resident experience, Northland will implement a SmartRent technology package (smart thermostats, keyless entry pads, and water detection sensors) and install bulk internet across the community to provide a more affordable cable and internet option for residents.