Colorado Real Estate Journal - September 2, 2015
A Fort Collins group bought an apartment community north of the University of Northern Colorado campus in Greeley with plans to make needed upgrades and, most likely, convert the building to condominiums. New Colony LLC purchased the 35-unit New Colony Apartments from 13th Avenue Greeley Company LLC, a Las Vegas ownership group, for $1.15 million. Built in 1967, the apartments have some “pretty serious deferred maintenance” that the new owners plan to take care of, according to Jack Trethewey of Berkshire Hathaway HomeServices Rocky Mountain, Realtors in Loveland . The three-story building needs a new roof, electrical upgrades, and improvements to the boiler and covered swimming pool, said Trethewey, who served as transaction broker on the deal. Trethewey said the apartments had a motivated seller and the buyers, which included John Mccoy of Berkshire Hathaway HomeServices, saw them as a good opportunity. “Their overall plan is to get the units refurbished, get the building refurbished and, most likely, condo them and sell them as individual condos,” he said. Professionals in Berkshire Hathaway’s Greeley office “strongly feel there is a market there for individual condos,” Trethewey said. The apartments are located eight blocks north of UNC at 1009 13th Ave. They were 80 percent occupied at the time of the sale.