Just Sold – Cascade Avenue – Multifamily Syndication

The Deal at a Glance

Bergan & Company closed the sale of a 16-unit multifamily syndication at 611, 613, and 615 N. Cascade Avenue in downtown Colorado Springs — three adjacent apartment buildings acquired and repositioned over a 3.5-year hold. The exit delivered a 29% deal-level IRR, a 1.8x equity multiple, and cash-on-cash returns averaging roughly 7% across the hold period.

Property Overview

• Address: 611, 613, and 615 N. Cascade Avenue, Colorado Springs, CO
• Unit count: 16 apartments across three adjacent buildings
• Submarket: Downtown Colorado Springs
• Hold period: ~3.5 years
• Structure: Multifamily syndication with Bergan & Company as sponsor

The Strategy: Classic Value-Add

The investment thesis was straightforward: acquire a well-located Colorado Springs multifamily asset, reposition it through unit upgrades and operational improvements, and capture the resulting rent growth over a mid-length hold.

As the sponsor, Bergan & Company sourced the opportunity, structured the transaction and financing, assembled the investor group, and managed the asset day-to-day once the syndication closed. Limited partners contributed capital and shared pro-rata in the upside.

Execution

• Interior unit improvements focused on finishes and fixtures that drive the largest rent premiums per dollar invested.
• Strategic rent adjustments aligned the property with a strengthening Colorado Springs rental market.
• In-house property management controlled operating costs and kept vacancy low across all sixteen doors.

Results

The asset meaningfully outperformed the underwritten pro forma, which is why the sponsor elected to exit ahead of the original business-plan timeline rather than continue holding.

• Deal-level IRR: 29%
• Deal-level equity multiple: 1.8x
• Limited partner IRR: 22.5%
• Limited partner equity multiple: 1.6x
• Cash-on-cash returns: ~7% average across the hold

What's Next: The 1031 Exchange

Rather than distribute the proceeds and realize a taxable event, the partnership is rolling its capital into a larger replacement property through a 1031 exchange — a strategy we use repeatedly to help investors compound single-asset wins into portfolio-scale positions while preserving basis.

Invest Alongside Bergan & Company

Whether you're buying your first rental or scaling an existing portfolio, Bergan & Company is a hands-on local partner with more than sixty years of experience across Denver-metro property management, single-family investment, and multifamily syndication. If you'd like to hear about current and upcoming syndication opportunities, we'd welcome the conversation.