Aspire Fillmore
Multifamily
Marketing description
Aspire Fillmore Apartments is a 114-unit workforce housing community located in northwest Colorado Springs, just off I-25 and minutes from Downtown Colorado Springs, Garden of the Gods, UCCS, major retail corridors, and regional employment centers. The Property offers investors the opportunity to acquire a stabilized, well-located asset with meaningful operational upside, durable renter demand, and a rent profile that remains highly attainable relative to surrounding homeownership costs.
Built in 1965 and situated on 4.52 acres, Aspire Fillmore features a balanced mix of studio, one-, two-, and three-bedroom apartment homes averaging 648 square feet. The community’s unit mix appeals to a broad renter base, including military personnel, healthcare workers, aerospace and defense employees, students, service workers, and other workforce households seeking affordable access to central Colorado Springs.
The investment thesis is driven by a clear and achievable NOI improvement strategy. Current rents are approximately 6.9% below market, while the Property has maintained strong physical occupancy near 95%. In addition, trailing concessions of more than $56,000 provide a tangible opportunity to increase effective gross income through disciplined leasing, concession burn-off, and improved asset management. These upside opportunities can be captured without relying on aggressive market rent assumptions.
Aspire Fillmore is also well positioned to benefit from improving Colorado Springs multifamily fundamentals. After several years of elevated new supply, the market’s construction pipeline has contracted materially, reducing future competitive pressure and creating a more favorable environment for existing, attainable rental communities. With its accessible rent profile, established northwest Colorado Springs location, and identifiable operational upside, Aspire Fillmore represents a compelling opportunity to reposition a stabilized workforce housing asset and drive long-term value creation.
Investment highlights
STABILIZED WORKFORCE HOUSING ASSET WITH IMMEDIATE UPSIDE
114-unit community with strong physical occupancy near 95%, providing investors with durable in-place cash flow and a clear path to enhance performance.
BELOW-MARKET RENTS CREATE ORGANIC REVENUE GROWTH
Current rents are approximately 6.9% below market, allowing new ownership to capture rent growth as leases expire and units turn.
$50,000+ CONCESSION BURN-OFF OPPORTUNITY
Trailing 12-month concessions of $56,517 create a tangible opportunity to increase effective gross income through improved leasing discipline and asset management.
BALANCED UNIT MIX SERVING A BROAD RENTER BASE
Diverse mix of studio, one-, two-, and three-bedroom units appeals to a wide range of workforce households and helps support consistent occupancy.
LOW-MAINTENANCE CONSTRUCTION PROFILE
Masonry exterior and walk-up configuration reduce operational complexity and help limit common-area maintenance exposure.
STRATEGIC NORTHWEST COLORADO SPRINGS LOCATION
Less than 10 minutes from Downtown Colorado Springs, less than 15 minutes from Briargate, and less than 30 minutes from Colorado Springs Airport.
PROXIMITY TO MAJOR LIFESTYLE AND RECREATION DRIVERS
Within 15 minutes of Garden of the Gods, Palmer Park, Austin Bluffs Open Space, and other major outdoor amenities.
ATTAINABLE RENT PROFILE IN A HIGH-BARRIER OWNERSHIP MARKET
Average pro forma rent remains significantly below the cost of nearby homeownership, supporting long-term renter demand.
AMENITY BASE THAT SUPPORTS RESIDENT RETENTION
Community amenities include a landscaped courtyard, pool, sundeck, grilling station, picnic area, laundry facilities, parcel lockers, and off-street parking.
POSITIONED TO BENEFIT FROM TIGHTENING MARKET FUNDAMENTALS
Colorado Springs’ reduced construction pipeline and steady population growth should support improving occupancy and rent growth for existing workforce housing assets.
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