COLORADO SPRINGS, Colo. – Seven apartment complexes that were owned by a Colorado Springs landlord we’ve reported on in the past were sold Thursday to a Denver-based realty firm.
Todd Ragan represented the selling side in the deal with Nexus Commercial Realty, LLC, who represented the buyer, Slipstream Properties of Denver.
The Ragans have been the subjects of multiple Target 13 investigations into their practices. Multiple tenants had filed complaints against them at numerous complexes across the city over the past few years. One report last year found that Terry Ragan was responsible for 80 percent of the city’s code violations.
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Ragan had been selling off his multi-family properties, and Thursday’s deal represented the last of the buildings owned by the Ragans.
"We have been looking for good value-add opportunities in the Springs," said a representative from Slipstream.
The following complexes were sold as part of Thursday’s announcement:
Pine Creek Village Apartments – 312 units Shannon Glen Apartments – 192 units Cedar Creek Club Apartments – 175 units El Vecino Apartments – 174 units South Pointe Apartments – 162 units Timbers Apartments – 84 units New Horizons Apartments – 79 units
The properties were sold for a total of approximately $102 million.