Real Estate & Construction  July 19, 2017

Developer buys land for apartment complex in Johnstown

JOHNSTOWN — A national apartment developer based in Wisconsin has purchased about 13 acres of land at 2534, a mixed-use development in Johnstown, where it plans to build a 212-unit apartment complex.

Continental Properties in Menomonee Falls, Wis., paid $3.53 million to Gerrard Development Corp. for the property near the southeast corner of Interstate 25 and U.S. Highway 34, according to public records.

Continental’s apartment community will be called The Springs at 2534. It will be constructed at the southeast corner of Larimer Parkway and Ronald Reagan Boulevard and consist of 10 two-story buildings.

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Considered “upscale,” the apartments will  feature units ranging from 525 square feet to 1,430 square feet, each with its own first-floor entrance.

Community amenities include a clubhouse with a resort-style pool, 24-hour tenant fitness center, pet playground and pet spa, car wash, and attached- and detached-garage options.

Gerrard and Continental will collaborate on an adjacent park and trail system that will be available to residents and businesses within 2534.

Continental Properties received  approvals through the town of Johnstown and is expected to break ground in the third quarter.

“This product has been well-received throughout the U.S. and is unlike anything in the area,” said John Minahan, director of multifamily development for Continental Properties. “The tremendous mix of retail and employment development activity attracted us to 2534.”

Gary Gerrard, president of Gerrard Development, said Continental Properties is “a first-class developer, and The Springs will be synergistic with retailers such as Scheels and employers such as High Country Beverage and the Northern Colorado Rehabilitation Hospital — offering housing for their employees while bringing more customers to area retail and service and businesses.”

This project adds to the approximately $300 million worth of construction activity recently completed or underway at 2534 and will mark the third apartment community to be built within Johnstown, post-recession.

Continental Properties also built The Springs at Sandstone Ranch in Longmont and The Springs at Allison Valley in Colorado Springs.

Ryan Schaefer and Jake Hallauer of Chrisland Real Estate Cos. in Fort Collins listed the property, and Matt Call of  NavPoint Real Estate Group in Castle Rock represented Continental Properties in the real estate transaction that closed July 12.

 

JOHNSTOWN — A national apartment developer based in Wisconsin has purchased about 13 acres of land at 2534, a mixed-use development in Johnstown, where it plans to build a 212-unit apartment complex.

Continental Properties in Menomonee Falls, Wis., paid $3.53 million to Gerrard Development Corp. for the property near the southeast corner of Interstate 25 and U.S. Highway 34, according to public records.

Continental’s apartment community will be called The Springs at 2534. It will be constructed at the southeast corner of Larimer Parkway and Ronald Reagan Boulevard and consist of 10 two-story buildings.

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