Capstone buys land for student-housing project in Fort Collins

FORT COLLINS — Capstone Collegiate Communities LLC has closed on the $2.1 million purchase of approximately 30 acres of land in northeast Fort Collins, where it has plans to build housing for students.

Birmingham. Ala.-based Capstone paid $1.4 million for three parcels totaling 14 acres along Lincoln Avenue from three sellers: Fort Collins Business Center One, Fort Collins Business Center Two and Nancy Keil in one deal, and paid $1.8 million for another 16 acres, purchasing the property from North Valley Bank, which had owned the land for some time.  Both deals closed Dec. 23.

Capstone has submitted plans to build 201 cottage-style houses on 24.8 acres of land at the northeast corner of Lincoln and Lemay avenues.

SPONSORED CONTENT

How Platte River Power Authority is accelerating its energy transition

Platte River Power Authority, the community-owned wholesale electricity provider for Northern Colorado, has a history of bold initiatives.

Cottages would have either four or five bedrooms, creating a total of 888 bedrooms that would be leased individually to mainly college students, according to planning documents.

People living near the site expressed opposition to the project during a neighborhood meeting in October hosted by the city of Fort Collins’ planning department, citing increased traffic and creating student housing near three breweries in the area.

Mike Jensen of Fort Collins Real Estate and Mark Campbell of Strategic Real Estate Advisors LLC represented the buyer in both deals. Bill Reilly and Steve Kawulok of Sperry Van Ness/Denver Commercial, represented the sellers in the 14-acre deal.

Capstone built The Summit on College apartments in 2013 for $41 million with the aid of tax-increment financing from the city of Fort Collins. It is located along College Avenue near the southern edge of the Colorado State University campus.