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COLORADO REAL ESTATE JOURNAL
— September 21-October 4, 2016
Larimer & Weld Counties
by Jill Jamieson-Nichols
A pair of student housing
properties next to the Colorado
State University campus sold in
a $24 million deal that set a new
high-water mark.
Catamount Properties Ltd.
sold the Carriage House Apart-
ments, a 54-unit, 94-bed proper-
ty at the southwest corner of the
campus, and Pura Vida Place, a
52-unit, 100-bed property at the
campus’s north side, for $12 mil-
lion each.
At $127,659 per bed, the price
for the Carriage House is a new
record for the city of Fort Col-
lins.
The buyer was EdR, a real
estate investment trust that
bought another Fort Collins
student housing development,
Lokal CSU, for $126,546 per bed
last spring.
Both Carriage House and
Pura Vida are high-end devel-
opments that command some of
the highest rents per bed in the
Fort Collins
student hous-
ing market,
according to
Craig Stack,
senior vice
president at
Colliers Inter-
national, who
represented
the seller with
Colliers’ Bill
Morkes.
“We were able to build both
of these adjacent to campus,
which is highly desired in the
student housing world by both
renters and investors,” said
Chuck Bailey, Catamount prin-
cipal. “Together, they had 194
beds, which made it much more
attractive for an institutional real
estate investor.”
While individual offers were
considered, together the prop-
erties provide greater operat-
ing efficiencies and, therefore,
allowed prospective buyers to
offer a higher price than the
properties might have achieved
individually, said Stack.
“We had upward of 15 offers.
It was very, very well received
by the market, and it was a very
competitive bidding scenario,”
he said.
The location, and high-quality
design and construction were
very attractive to the market,
said Stack.
“From a buyer’s standpoint,
it would be really difficult to
replace these developments
because land is so scarce in Fort
Collins, and particularly adja-
cent to the campus,” he said.
Including Carriage House and
Pura Vida, five student housing
properties in Fort Collins have
traded this year, a high num-
ber for the city. “I think it’s a
combination of very, very strong
Both Pura Vida Place, pictured here, and Carriage House feature high-
end construction and finishes.
Carriage House is a Craftsman-style development with front porches
and balconies facing the street.
Craig Stack
by Jill Jamieson-Nichols
Prospective buyers came out
of the woodwork when a for-
mer lumberyard on the Har-
mony Road corridor hit the
market.
“It’s just such a unique infill
site right in the middle of Fort
Collins,” Matt Patyk of CBRE
said of the 5.68-acre property,
which drew numerous offers
above the listed price. Located
at 224 Harmony, it is on the
MAX bus rapid-transit line that
connects to
C o l o r a d o
State Uni-
versity and
Old Town
Fort Collins.
“ D e a -
lin’ Doug”
Moreland,
who owns
car dealer-
ships along
the Front Range, bought the
site for $3.75 million. L&N Real
Estate LLC was the seller.
“We brought it to market last
October for $3.2 million and
we had 11 offers come in, most
over asking price,” said Patyk,
explaining the buyer that was
selected eventually chose “to go
a different direction.”
“We brought it back out to
the market at $3.55 million, and
we had another round of offers
come in, all over asking, and
went with one we felt confident
we could get to closing,” he said.
Matt Patyk
