Weidner Investments has acquired the Sterling Pointe Apartments and the Windtree Apartments in Colorado Springs, Colo., from Klingbeil Capital for $56.45 million. The sale is the largest apartment transaction ever completed in Colorado Springs.

The complexes are just over seven miles north of central Colorado Springs and include 756 units in 84 buildings. Average rents are $0.76 per square foot per month and the properties are 97% occupied. Sperry Van Ness represented Weidner.

Doug Carter, senior advisor at Sperry, said the acquisition was an endorsement of expected rent growth in a market that has been sluggish of late but is showing signs of a turnaround. Klingbeil sold the properties after getting 5% annual NOI growth, said Jim Callard, president. "They made us the proverbial offer we couldn't refuse," he added.

Callard said investors have been bullish of late on the Colorado Springs market which is benefiting in part from returning military personnel. Occupancy at the two apartments hadn't been directly affected, however. The portfolio's 97% occupancy is above market. Officials at Kirkland, Wash.-based Weidner declined to comment.