Colorado Real Estate Journal - April 20, 2016
An affiliate of Inland Real Estate Acquisitions Inc. bought two apartment communities in Fort Collins for $83 million, according to public records. Records show Inland paid $43 million, or $204,761 per unit, for the Miramont Apartments at 4900 Boardwalk Drive and $40 million, or $205,128 per unit, for the Pinecone apartment community at 2212 Vermont Drive. Both communities were 97 percent leased, according to Inland Real Estate. “We are pleased to have recently purchased these two highquality multifamily properties that are well located in a prime market with historically high occupancy rates,” said Matthew Tice, senior vice president of Inland Real Estate Acquisitions, who facilitated the transactions on behalf of the buyer. “Miramont and Pinecone apartments provide residents with desirable amenities, access to great schools and excellent proximity to major employers, including Colorado State University, Hewlett-Packard, Poudre Valley Health System, Agilent, Eastman Kodak Co. and Anheuser-Busch.” The acquisitions are Inland’s first in the Fort Collins market, although the company owns a number of properties in Greeley, Loveland and Denver. Miramont is a 16-buidling property with 210 units, including 45 one-bedroom and 165 two-bedroom units. Each apartment has a private balcony or patio, hardwood floors, a gas fireplace, 9-foot ceilings and walk-in closets. Of the 210 units, 78 recently were upgraded with new appliances, plank flooring, cabinet doors and countertops. The 212,220-square-foot property also features a newly renovated clubhouse, detached garages, a fitness center, swimming pool, hot tub and dog park. It is near two golf courses and bike trails. Pinecone is a 175,815-sf property with 13 buildings. It includes 45 one-bedroom and 150 two-bedroom apartments, for a total of 195 units. Unit amenities include brushed-nickel fixtures, gas fireplaces, private balconies or patios, washers and dryers and walk-in closets. There is a heated swimming pool, clubhouse, fitness center, business center, dog park and detached garages. The apartments are within walking distance of Fort Collins High School, Stewart Case Park and the Power Trail. Hamilton Zanze sold the properties in a deal that drew investors that already own apartments along the Front Range as well as investors looking to establish a presence in the market, according to CBRE Senior Vice President David Potarf. Potarf said the strength of the market and quality of the properties drew significant buyer interest. Potarf represented the seller with CBRE’s Dan Woodward, Matt Barnett and Jake Young. Inland Real Estate Acquisitions Inc. has facilitated more than $41 billion in purchases, including apartments, retail centers and single-tenant properties. Other News DC Realty, a Florida investment group, bought a single tenant retail property in Fort Collins for $1.05 million cash as part of a 1031 exchange. PPG Paints occupies the 4,294-square-foot property at 3201 Mulberry St., Units G and H2. The tenant has nearly 10 years remaining on its lease. Listing broker Larry Hawe of SVN/Denver Commercial said there was strong interest in the property. Mike Carnes and John Sheflin, also of SVN/Denver Commercial, represented the buyer. Pinnacle Agriculture Holdings leased 24,000 sf of office space at 4850 Hahns Peak Drive in Loveland. Cobey Wess of SVN/Denver Commercial represented the tenant. Tom Hall of McWhinney represented the landlord, FDC Office I LLC. Kismet Properties purchased a half-acre of land at 65th Avenue and U.S. Highway 287 in Loveland for construction of a Verizon store. The property sold for $475,000. Nathan Klein of LC Real Estate Group represented the seller, 65th Street Loveland LLC. Bill Reilly of SVN/Denver Commercial represented the buyer. Big Thompson Diesel & Auto leased 5,400 sf of industrial space at 604 S.E. Eighth St., Units A and B, in Loveland from Pearson Rentals LLC. Patrick O’Donnell, Bruce Campbell and Larry Melton of Realtec-Loveland handled both sides of the transaction. KMAC Holdings LLC paid $380,000 cash for a 2,987-sf retail property at 6712 S. College, Unit 1, in Fort Collins. Jerry Chilson of SVN/Denver Commercial represented the seller, HAFA LLC. Craig Hau, a commercial broker with The Group, represented the buyer.