FORT COLLINS — Granite Capital Group, a California-based real estate investment firm, has acquired the 105-unit Brooklyn Park Rowhouses in Fort Collins for $27.8 million.
The per-unit price of $264,909 is a record in Northern Colorado for conventional, market-rate multifamily properties, according to Marcus & Millichap (NYSE:MMI), which represented the seller.
Summer is within reach; school is almost out and many people are thinking about vacations and warmer weather. With a third of the year behind… read more
Granite Capital plans to renovate and rebrand the property at 2758 Iowa Drive.
Nick Steele and Jacob Steele in Marcus & Millichap’s office in Denver represented the seller in the transaction.
“The property will continue to experience very strong operations as a result of the quality of the asset and the strength of the Fort Collins apartment market,” Steele said.
Built in 2007-08, the property is situated on 4.36 acres. It is 100 percent occupied and is located in close proximity to the Harmony Technology Park.
The townhomes have patios, private entries and attached two- or three-car garages. Units feature 9-foot tall ceilings on the first floor and kitchen amenities include dishwashers, garbage disposals, self-cleaning ovens, island/bar, and separate dining areas. Lush landscaping and grass courtyards separate the community’s buildings.