Overview
Marcus & Millichap is pleased to present the Luxe Tower Apartments, located at 107 W Cheyenne Road in the Broadmoor submarket, just south of downtown Colorado Springs. This 73-unit multifamily asset was built in 1967 and renovated in 2018, and consists of seven studios, 33 one-bedroom units, and 33 two-bedroom units. The studios average 497 square feet, the one-bedroom units average 868 square feet, and the two-bedroom units average 1,272 square feet. These recently renovated units come equipped with modern stainless-steel appliances and oversized balconies that offer breathtaking mountain views. The Luxe Towers Apartments offers residents access to a community pool, fitness center, sauna and a variety of other amenities. This property is conveniently located just four blocks west of the CanAm Highway, Colorado Springs’ main north/south roadway. A five-minute drive west takes residents to the famous Broadmoor hotel and golf resort, a long-standing pillar of hospitality in Colorado Springs. Six minutes beyond the Broadmoor lies the Cheyenne Mountain Zoo, situated at the foot of The Horns Peak. Just a five-minute walk away from the Ivywild School Market Place, the Luxe Towers Apartments offers residents access to a wide array of retail, restaurant, and entertainment options nearby.
Even before the Covid-19 pandemic accelerated net migration into Colorado, Colorado Springs was a quickly expanding market. In the last 12 months, El Paso county has added more than 7,400 jobs, most of which are in Colorado Springs. While the COVID 19 pandemic has caused economic downturns in many markets, Colorado Springs has remained ahead of the curve in job growth and positive net migration in the region. Colorado Springs was recently ranked number three on Mutli-Housing News’ Top 10 Emerging Multifamily Markets List. Any investor looking to enter the Colorado Springs submarket should look no further than the Luxe Towers.
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Investment Highlights
Luxe Tower: A Prime Value-Add Asset in Colorado Springs’ Broadmoor Neighborhood
Luxe Tower is a 73-unit, recently renovated multifamily community located just south of downtown Colorado Springs in the desirable Broadmoor submarket. The property features spacious floorplans, modern unit finishes, and high-quality amenities including a pool, fitness center, and sauna. Residents enjoy mountain views and walkable access to the Ivywild School marketplace and nearby retail, just minutes from the iconic Broadmoor Hotel and Cheyenne Mountain Zoo. With strong area demographics and excellent demand fundamentals, Luxe Tower represents an irreplaceable core-plus asset in one of the most sought-after residential corridors in Colorado Springs.
Colorado Springs’ Rent Growth Resurgence and Strong Fundamentals
Despite a record supply wave since 2020, Colorado Springs has maintained impressive multifamily absorption, with over 68% of net deliveries leased to date. Forward-looking fundamentals remain strong, as construction starts have dropped to their lowest levels since 2021. Rent growth is expected to rebound meaningfully in 2025 as absorption outpaces new deliveries. With limited competition and a return to equilibrium projected over the next three years, Luxe Tower is positioned to benefit from improving vacancy rates, upward rental pressure, and a tightening supply pipeline in a high-growth, low-cost metro.
Renting at Luxe Tower is 56% Less Expensive Than Owning Nearby
With average home prices in the Luxe Tower submarket topping $507,000, the cost to own a home in the area now exceeds $3,700 per month. By comparison, Luxe Tower’s average rent of $1,657 offers a 56% discount to homeownership, making the community highly attractive to renters by choice. The rent-to-income ratio at Luxe Tower is a healthy 26%, well below the 30% affordability threshold, creating room for sustainable rent growth. Luxe Tower offers residents the quality, space, and lifestyle of homeownership—without the high barriers to entry.
Discount to Newer Product with Comparable Quality and Larger Units
Luxe Tower’s average rents are 29% lower than those of newly constructed Class A product in Colorado Springs, despite comparable interior finishes and larger unit sizes. While recent deliveries offer strong amenity packages, Luxe Tower combines high-end interiors with oversized units averaging over 1,000 square feet, making it uniquely competitive. This affordability gap, combined with a prime infill location and amenitized lifestyle, positions Luxe Tower to attract discerning tenants priced out of newer inventory while preserving upside in rent growth and yield.
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