Page 20 —
COLORADO REAL ESTATE JOURNAL
— June 15-July 5, 2016
Larimer & Weld Counties
by Jill Jamieson-Nichols
A Fort Collins apartment
community that never hit
the market achieved what is
believed to be a record price
per unit.
Ft. Collins Multifamily III
DST, an affiliate of the Inland
Real Estate Group of Compa-
nies Inc., paid $46.1 million, or
$209,545 per unit, for The Pre-
serve at the Meadows, which is
located near the new Foothills
Mall.
“To my knowledge, the price
per unit on
the sale of
The
Pre-
serve at the
Meadows is
a high-water
mark
for
market-rate,
s u b u r b a n -
style apart-
ments in Fort
Collins,” said
Jake Hallauer of Chrisland Real
Estate Cos. “Recently, each
subsequent sale of apartment
communities in Fort Collins of
a similar age, size and qual-
ity sets a new price-per-unit
record. This clearly shows the
strong demand for apartment
investments in Fort Collins and
the greater Northern Colorado
region.”
The Preserve at the Mead-
ows is a 220-unit community
located at 350 Riva Ridge Drive
in the Midtown area. It’s next
to the MAX bus rapid-transit
line and just west of South Col-
lege Avenue, with frontage on
Horsetooth Road.
Hallauer, who represented
the seller with Chrislandʼs
Ryan Schaefer, said there was
interest from a few parties right
away.
“These groups are looking up
and down the Front Range and
in other states. It speaks to how
strong Fort Collins is viewed
as a tertiary market relative to
Denver,” he said.
Generally, demand for apart-
ment investments in the region
is coming from investors with
a long time horizon, according
to Hallauer. “Those investors
see Fort Collins and North-
ern Colorado as a very sta-
ble area to invest their capital
with a lot of potential upside
due to continued population
and employment growth, and
many barriers to entry for new
development,” he said, citing
increased construction costs,
geographical and political bar-
riers to entry, availability and
cost of raw water for develop-
ment, land costs and lengthy
entitlement timelines in some
municipalities.
“With those barriers to entry
and a very vibrant, desirable
area to live, many investors
such as the buyer of The Pre-
serve at the Meadows view the
Northern Colorado area as a
great opportunity to invest for
the long term,” said Hallauer.
Completed in 2002, The Pre-
serve offers “very livable and
nice units” that feature 9-foot
ceilings, along with common
area amenities that include a
clubhouse with a swimming
pool, fitness center and busi-
ness center/computer room,
said Hallauer. There also is a
Jacuzzi, and barbecue and vol-
leyball areas.
The unit mix includes 68 one-
bedroom, 134 two-bedroom
and 18 three-bedroom apart-
ments.
The location was “very attrac-
tive to the buyer because of the
proximity to the Foothills Mall
redevelopment and the energy
that’s going on in Midtown,”
said Hallauer.
The Preserve at the Mead-
ows was sold by its developers,
which included an affiliate of
Bailey Co. The selling entities
included The Preserve at the
Meadows Ltd., SC Residential
LLC and multiple others.
Hallauer said it was a good
time to sell the property
because of investor demand,
little to no inventory actively
on the market, historically low
cap rates and low interest rates.
Inland Jeff Slinde and Bert
Slinde of Slinde Realty were
the buyer’s consultants on the
transaction.
Various Inland Group affili-
ates own several multifamily
properties in Colorado, includ-
ing the Pinecone and Mira-
mont apartments in Fort Col-
lins, Lake Vista and Greens at
Van de Water in Loveland, and
Country Club West in Greeley.
Other News
n
AutoZone Parts Inc.
pur-
chased 1.3 acres of land at
Highway 85 and Colorado
Parkway in Eaton for $310,000
for construction of an auto
parts store.
Brunner-Renfroe
Real
Estate LLC
was the seller.
Cobey Wess
of
SVN/Den-
ver Commercial’s Northern
Colorado division
was the list-
ing broker.
Michael Kendall
of
CBRE Inc.
represented the
buyer.
n
Lucinda Tusa
leased 2,119
sf of retail space at 2203 S. Col-
lege Ave., Suite 150, in Fort
Collins for use as a spa.
Larry Hawe
of
SVN/Denver
Commercial’s Northern Colo-
rado division
represented the
landlord,
University Plaza
02 LLC. Cobey Wess,
also of
SVN/Denver
Commercial,
represented the tenant.
n
National Pavement Part-
ners Ltd.,
an asphalt paving
company, leased 1,975 sf of
industrial space at 372 Moun-
tain View Road, No. 9, in John-
stown.
Travis Ackerman
and
Tyler
Murray
of
Cushman & Wake-
field
represented the tenant.
Randy Marshall
of
SVN/Den-
ver Commercial
represented
the landlord,
RASE LLC.
n
LAJ LLC
paid $230,000 for
an 1,886-sf office space at 1606
S. Lemay Ave., Unit 107, in Fort
Collins for use as an insurance
office.
Michelle Hickey
of
Re/Max
represented the sellers,
Larry
Lee Weitzel
and
Terry Weit-
zel. Bill Reilly
of
SVN/Denver
Commercial
represented the
buyer.
s
The Preserve at the Meadows is located in the Midtown area, near
Foothills Mall.
Jake Hallauer
Fort Collins 970-229-9900
400 E Horsetooth, Suite 200
Fort Collins, CO 80525
Loveland 970-593-9900
350 E 7th St, Suite 2
Loveland, CO 80537
Greeley 970-346-9900
1711 61st Ave, Suite 104
Greeley, CO 80634
