$10 million student housing project headed for Greeley

GREELEY – A 262-bed off-campus student housing project will break ground in Greeley Tuesday, with plans to open in time for the fall 2014 semester.

The $10 million project , called University Flats, is being developed by Greeley Realty Investors, an affiliate of Denver-based Center Street Capital. Center Street Capital also developed Regency in Denver, a housing project catering to students at the Auraria campus.

The project will consist of 92 two- and three-bedroom units spread through eight buildings located at 1750 6th Ave, just a few blocks from the UNC campus. City and company officials will be present at the groundbreaking, which will begin at 11:15 a.m.

Once completed, University Flats could help alleviate some of the strain on multi-family rentals in Greeley, where the vacancy rate for such properties dropped to 1.4 percent in the first quarter of 2013.

Only parts of southeast Colorado and certain sub-markets in Fort Collins had lower vacancy rates, according to the latest data from the Colorado Division of Housing.

Rents in Greeley have mirrored the tightening rental market, crossing the $700 threshold in the first three months of the year.

Rental rates at University Flats will be determined next year as the company beings to accept residency applications.

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