GREELEY — A group of investors in Northern Colorado has acquired University Apartments, a 98-unit apartment complex in Greeley for $7.1 million, or $72,448 per unit.
The buyers’ representative on Thursday said the group wishes to remain anonymous. The deal closed Feb. 15, but records of the sale have not yet been posted by the Weld County clerk and recorder’s office.
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The 76,150-square-foot apartment complex at 509 18th St., within three blocks of UNC’s central campus, was built in 1967 by the university for student housing.
Each unit is 660 square feet with two bedrooms and one bath. The complex has a fitness center, basketball court, children’s playground, a student lounge and a laundry room.
University Apartments is made up of seven buildings on a 3.9-acre parcel. During the past decade, the apartments have undergone capital improvements.
Greystone Unique Apartment Group, a subsidiary of Denver-based Unique Properties Inc./TCN Worldwide, represented UNC and the buyer in the transaction.
“This sale offers a true reflection of the demand for Greeley multifamily investment opportunities,” said Phil Dankner, director of Greystone Unique Apartment Group. “After marketing the asset for less than three weeks, the University of Northern Colorado received multiple offers.”
Danker said “there continues to be little to no inventory for sale in the Greeley multifamily market,” pointing out that the student-housing segment has tightened because enrollment at UNC continues to increase. “Our market outlook for similar opportunities in Greeley is that it will continue to experience a surge in investment activity.”
Last May, the university began prepping three of its properties for sale, including the apartments, which were among some of UNC’s oldest structures, and high costs were being incurred to maintain them.