DENVER – January 30, 2015 – In a move to grow its portfolio of properties in Colorado, Abington Emerson acquired 36 townhome units in picturesque Rifle, Colorado.
Rifle is located in the Colorado River Valley known for its beautiful scenery, excellent hunting and fishing. The townhomes are built on a 7 acre site and are a true value-add opportunity in a growing market. The three-bedroom, two-bathroom, 1,400 square foot condos were acquired at a very attractive cap rate, considering 40% of the units were still under construction and the common area required substantial build out and improvement. Abington Emerson is looking to complete the unfinished units and commence sales as soon as summer of 2015. The firm estimates that the value of the units will increase by 25-50% when construction is complete.