Colorado Real Estate Journal - August 6, 2014
Loveland’s apartment vacancy rate remains below 3.5 percent, but new supply is on the way. Macy Development Co. has broken ground on the $30 million Bristol Pointe Apartment Homes, which will bring 220 luxury units to southwest Loveland. In addition, Pedcor Investments just bought a site at 657 W. 64th St. for an affordable housing development, and McWhinney is planning a second phase of Greens at Van de Water, according to Apartment Insights, a multifamily research and consulting firm. Bristol Pointe, located on the corner of South Taft Avenue and Southwest 16th Street, is scheduled to open in spring. The 12-acre site is across from a King Soopers shopping center, next to Walgreens and 10 minutes from downtown Loveland. The project has been a long time coming. Started in 2001, it was put on hold because of 9/11 and redesigned in 2012. The city of Loveland approved revised plans last year. The community will consist of 11 buildings with 20 units each and seven floor plans, along with a 4,800-square-foot clubhouse. Apartments will feature 9-foot ceilings and range from 515 to 1,300 sf, providing a mix of studios, and one-, twoand three-bedroom units with monthly rents ranging from approximately $850 to $1,550. Apartments will include energy-rated stainless-steel appliances; programmable thermostats; double-pane, low-E glass windows; energy-efficient lighting; water-saving plumbing; full-size washers and dryers; kitchen islands; brushed-nickel fixtures; large walk-in closets; wood-style floor planking; and electric fireplaces in select units. The community will have 85 detached, rentable garages and 338 open parking spaces. The clubhouse, with a 22-foot vaulted ceiling, skylights and ornamental trusses, will include a great room, fitness center, cyber café, conference center and media room. A child wading and lap-lane pool will adjoin it with a large deck for barbecuing and gathering. Building exteriors will include brick, fiber-cement siding and asphalt shingle roofs made mostly of recycled materials. The building will be surrounded by landscaping and greenbelt areas that make up more than 30 percent of the property’s outdoor space. Kenney Lee Architecture Group designed Bristol Pointe Apartment Homes, which will feature sweeping views of the Front Range mountains. Shaw Construction is the general contractor. According to Apartment Insights, Loveland’s apartment vacancy rate increased in the second quarter, but was only 3.3 percent. Rents were the highest in Northern Colorado, averaging $1,191 per month. Pedcor Investments LLC reportedly is planning 224 affordable units on the 17.6 acres it just purchased for $1.9 million. Jake Hallauer and Ryan Schaefer of Chrisland Commercial Real Estate represented the seller, SDC-Loveland LLC. The property is located in the Wintergreen Village planned community near 64th and U.S. Highway 287. The apartments are called Ashley Estates. “This exciting and high-quality project will help to fill a great need for affordable housing units in Northern Colorado,” said Hallauer, vice president of Chrisland Commercial. “There will be a significant need for affordable housing in Northern Colorado for the forseeable future given the insufficient supply of affordable housing options and rapidly rising rental rates,” he said.