Colorado Real Estate Journal - July 5, 2017
Brinkman is starting development of what will be one of the first new apartment communities to be built west of College Avenue in Fort Collins. The approximately $16 million Copper Leaf Place will consist of 94 apartments on 2.87 acres at South Shields Street and Horsetooth Road. The three buildings will have 24 to 36 units each and will include a large percentage of one- and 1½-bedroom units. Although there have been a lot of apartments built over the last seven years, Brinkman CEO Kevin Brinkman said the majority of those have been built east of College Avenue/U.S. Highway 287, which runs north to south midway through Fort Collins. “So, you have half the town that really hasn’t had many new units. Although new projects have been completed in other areas of Fort Collins, this corridor remains relatively underserved,” he said. There also are few opportunities to develop in that part of town, so, “There’s no risk of a lot more inventory,” he noted. The location provides renters with proximity to the 68-acre Rolland Moore Park, including tennis courts, baseball fields, basketball court, horseshoe pits, etc., and the westside location provides proximity to Horsetooth Reservoir and the mountains. It’s also near Midtown, within a mile of Front Range Community College and within 2 miles of Colorado State University. Brinkman said Copper Leaf Place likely will attract active professionals who want to be near outdoor opportunities, along with some students, retirees, small families and others. “I think we will see a little bit of everything.” Unit sizes will range from 504 to 1,031 square feet, renting from about $1,000 to $1,625 monthly. They will include studios, and one- and two-bedroom units, as well as one- and two-bedroom units with dens. All units will have balconies, granite countertops, front-load washers and dryers and stainless steel appliances. Detached garages will be offered. Copperleaf also will have a dog park, fitness center and coffee lounge. Two of the buildings will be three stories, and there will be one two-story building adjacent to single-family development to the north. The buildings will open in phases from mid-May through late June 2018. Brinkman recently closed on a loan for the project, with Matt Teeters of Alpine Bank in Denver providing the financing. The project team includes Brinkman Construction, Infusion Architects, Interwest Consulting Group and The Birdsall Group. Other News A retail building in the 2534 master-planned development in Johnstown recently sold for $4.7 million. Westwind Farm LLC purchased the 7,080-square-foot building on 1.11 acres of land from 2534 Plaza Shops I LLC. Verizon Wireless and Qdoba Mexican Grill lease the building, which is located at 4791 Thompson Parkway. “With approximately $300 million of construction taking place at 2534, including Scheels, and the many other apartment, industrial, office and retail buildings, we believe the property will serve the new owners well for many years to come,” said Ryan Schaefer, CEO of Chrisland Real Estate Cos.“We are seeking a well-located exchange property or two where we might add value in order to recycle our capital from this sale.” Schaefer and Jake Hallauer of Chrisland Real Estate were the listing brokers. Craig Harrison of Harrison Resource Corp. represented the buyer. Centers for Gastroenterology signed a lease for a 4,000-sf build-to-suit medical office building at 8225 W. 20th St. in Mountain Vista Office Park in west Greeley. The practice will expand and relocate its Greeley office to the property, which is near the northeast corner of 83rd Avenue and West 20th Street. The facility is targeted for delivery in October. “Centers for Gastroenterology will be a great addition to this professional office park,” said Jake Hallauer, vice president of Chrisland Real Estate Cos. “The momentum in this location has picked up since the beginning of 2017, and we believe we will continue to see more activity in the area given the other medical, commercial and residential development in west Greeley.” Hallauer and Ryan Schaefer of Chrisland represented the landlord, J&J Enterprises Property Management LLC, in the transaction. Stuart Thomas of Cushman & Wakefield represented the tenant, which has locations in Fort Collins and Loveland. Michael T. Lynn and/or Assigns purchased 3.39 acres of land at 4030 Bruin Blvd. in Frederick as an investment. Bear Industrial LLC was the seller. Dan Leuschen and Cobey Wess of SVN/Denver Commercial handled both sides of the transaction.