5111 Ridge Drive, Pueblo, CO, 81008, US

5111 Ridge Drive Land

Description

Located at 5111 Ridge Drive in North Pueblo’s desirable Ridge neighborhood, this development-ready parcel offers a rare opportunity to capture significant unmet Class A rental demand. The site currently carries a B-3 zoning designation with an approved special use permit for 4-story, garden style, surface parked apartment development comprising of 285 units across 16.12 acres of land.

Pueblo has seen just one large scale, class A, urban multifamily delivery in over ten years, creating substantial pent-up renter demand in a market where homeownership costs have risen three-fold over the past decade.

Positioned adjacent to I-25, the property benefits from high visibility and easy commuter access from downtown Pueblo and southern Colorado Springs. The location captures approximately 52,000 vehicles per day along the I-25 corridor, providing exceptional exposure for future multifamily residents, and a phenomenal marketing window. Renters will enjoy convenient access to major retailers like Sam’s Club, Walmart, and the Pueblo Mall, alongside popular eating establishments including Chick-Fil-A, Chipotle, and McDonald’s. The location also provides easy commutes to multiple employment hubs such as the expanding Pueblo Memorial Airport Industrial Park, Downtown Pueblo’s government and healthcare sectors, such as the UC Health Parkview Medical Center, various industrial manufacturing employers throughout the county, and the CSU-Pueblo camps at just an eight-minute drive away.

JLL Capital Markets has been appointed as the exclusive investment advisor for the sale of the development site. This development opportunity offers the flexibility to break ground in accordance with the approved site development plan,or amend to their specified design and receive a shorter development review timeline than starting from scratch.

...

Investment Highlights

LIMITED LARGE-SCALE DELIVERIES OVER PAST DECADE: Only one significant multifamily project has been delivered within Pueblo in more than ten years, creating substantial pent-up demand for modern rental housing.
AFFLUENT LOCATION: The development site is situated in the Ridge neighborhood of North Pueblo, one of the city’s most desirable neighborhoods with a median income of $73K, which is 28% higher than the Pueblo MSA median income of $57K (as of 2024).
STRONG RENTAL DEMAND: There are currently more than 6,500 income-qualified renter households currently within the Pueblo MSA, requiring only a 4.3% capture rate to fully lease the property in accordance with the existing development plans.
GROWING AFFLUENT RENTER POOL: Pueblo’s renter demographic has grown significantly more affluent, with households earning over $75K increasing 60% (from 2,500 to 4,000) between 2017-2022.
AFFORDABLE HOMEOWNERSHIP CRISIS: Monthly homeownership costs have skyrocketed from $600 in 2012 to nearly $2,000 today, forcing many would-be homebuyers to remain in rental housing.
LIMITED PIPELINE: Just three multifamily projects currently exist within Pueblo MSA beyond early development stages, with only 527 units projected to deliver over the next five years.
COMPETITIVE ADVANTAGE: Current rental offerings are dated with minimal amenities, creating opportunity to command 15-25% rent premium for superior product.
3RD PARTY RENT ANALYSIS: Current owners have commissioned an independent, 3rd-party research study who have concluded that the project is positioned to achieve average rents of above $1,950 ($2.05/SF), attracting local professionals, would-be homebuyers, and Colorado Springs commuters seeking upscale housing options in Pueblo’s premier neighborhood.