34-unit townhome complex in Loveland sells for $4.3M

LOVELAND — An undisclosed family of investors using three entities has acquired a 34-unit townhome complex in Loveland in an off-market transaction that closed Jan. 10.

The group paid $4.34 million, or $127,647 per unit, for the property at 701 S. Tyler St.  that was constructed in 1971.

The 34,954-square foot property consists of four buildings with 34 two-bedroom townhome units averaging 1,040 square feet.

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The seller, 701 South Tyler LLC, a group consisting of Allen Hawthorne and members of the Baldwin family, added value to the property by renovating the units including new cabinets, countertops, flooring, and bathroom upgrades, after buying it in 2010 for $1.6 million, according to public records.

Denver-based Greystone Unique Apartment Group, which brokered the deal, said in a press release that the buyers intend to raise rents to market values.

The buyers used the entities Malcom LLC, Alder Street LLC and Ruby Terrace LLC, according to Larimer County public records.