{"id":51344,"date":"2020-09-26T00:25:36","date_gmt":"2020-09-26T06:25:36","guid":{"rendered":"https:\/\/dh.durangoherald.com\/tj\/denver-firm-buys-three-springs-apartments-for-35-25-million\/"},"modified":"2026-03-31T03:55:44","modified_gmt":"2026-03-31T09:55:44","slug":"denver-firm-buys-three-springs-apartments-for-35-25-million","status":"publish","type":"post","link":"https:\/\/dh.durangoherald.com\/tj\/denver-firm-buys-three-springs-apartments-for-35-25-million\/","title":{"rendered":"Denver firm buys Three Springs apartments for $35.25 million"},"content":{"rendered":"\n

\"Trailbreak
Trailbreak Partners, a Denver real estate firm, announced last week that it had acquired The Confluence at Three Springs for $35.25 million.<\/span>Courtesy of Trailbreak Partners<\/span><\/figcaption><\/figure>\n<\/p>

A Denver real estate firm purchased The Confluence at Three Springs for $35.25 million and sees Durango as a potential market to expand its holdings and possibly to initiate new construction and development.<\/p>\n

\u201cWe see Durango as an anchor to Southwest Colorado with a pretty diverse economy,\u201d said Doug Elenowitz, co-founder and principal of Trailbreak Partners, which announced its purchase of The Confluence last week. \u201cYou have Fort Lewis College, you have a resort and the tourism industry, you have governments, and you\u2019re the center point for medical services in Southwest Colorado.\u201d<\/p>\n

The Confluence is a three-story, 171-unit apartment complex that includes both one- and two-bedroom units. It also includes a Mexican restaurant, a yoga studio and a bridal boutique in retail space on its ground floor.<\/p>\n

Durango has certain characteristics that create a high barrier of entry for new apartment complexes that protect existing apartments from facing competition from new construction, and that serves to protect Trailbreak\u2019s investment in The Confluence, Elenowitz said.<\/p>\n

A good portion of land in Southwest Colorado is owned by the federal government and tribal governments, and Elenowitz said that creates a shortage of available land for development. In addition, high construction costs and a labor shortage also makes developing large apartment complexes difficult in Durango, he said.<\/p>\n

\u201cThere\u2019s a confluence of things in Durango that makes it more challenging to deliver a new apartment product. And so that does act as somewhat of a protection for the investment,\u201d Elenowitz said.<\/p>\n

\u201cIn terms of apartments in Durango, it\u2019s historically smaller buildings that are pretty diffuse. There\u2019s quite high barriers to entry,\u201d he said. \u201cSo we see a thriving, growing community, where there are significant barriers to entry.\u201d<\/p>\n

Trailbreak Partners viewed The Confluence as a high-quality existing apartment development in a well-designed master plan area that offered mixed uses and a favorable price, Elenowitz said.<\/p>\n

Purchasing an existing apartment complex, he said, allowed Trailbreak Partners to avoid the risk that comes with construction of a new development and the risk of having to lease units in a newly built complex.<\/p>\n

\u201cWe saw an opportunity to acquire a beautiful new building at a favorable price, and it\u2019s located in an area that we think is poised for continued growth,\u201d he said.<\/p>\n

Durango, like many Western Slope communities, is seeing a hot real estate market as people look to leave more densely populated cities, and that is another factor that makes Durango an attractive market \u2013 both to buy existing apartments and possibly develop new apartments from the ground up \u2013 Elenowitz said.<\/p>\n

\u201cWe don\u2019t yet have empirical evidence of this, but with COVID-19, we hypothesize that communities like Durango will be a focus of people who are interested in quality lifestyles in more rural and smaller communities,\u201d he said. \u201cPlaces like Durango are going to be the beneficiaries of folks who are seeking to leave more densely populated urban centers, and be able to live a nice, quality life in a well-rounded smaller community.\u201d<\/p>\n

parmijo@durangoherald.com<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Trailbreak Partners: Durango to benefit from urban flight<\/p>\n","protected":false},"author":1,"featured_media":51345,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"tags":[29,614,3457],"naviga_topic":[],"class_list":["post-51344","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-newsletter","tag-real-estate","tag-three-springs"],"acf":[],"author_name":"dh_admin","_links":{"self":[{"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/posts\/51344","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/comments?post=51344"}],"version-history":[{"count":1,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/posts\/51344\/revisions"}],"predecessor-version":[{"id":87944,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/posts\/51344\/revisions\/87944"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/media\/51345"}],"wp:attachment":[{"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/media?parent=51344"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/categories?post=51344"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/tags?post=51344"},{"taxonomy":"naviga_topic","embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/naviga_topic?post=51344"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}