FORT COLLINS — Ohio developers Edward and Herbert Newman and their partners acquired Ram’s Crossing properties in Fort Collins for $58 million, according to public records.
Ram’s Crossing consists of five properties at three locations located around Colorado State University for a total of 460 rental units.
The properties offer one-, two- and three-bedroom apartments, lofts and town homes.
Summit Management Services Inc. is the Newman’s management firm. The property was purchased for SMSI by Summit MultiCapital LLC, the company’s acquisition and financing arm.
During the next two years, the new owners plan to renovate 330 of the 460 units with new kitchens, baths, flooring and appliance upgrades, according to a company statement.
The acquisition increases Akron, Ohio-based Summit Management Services portfolio to 4,500 units nationwide and expands its holdings in the Fort Collins market to 1,006 units.
The properties will be managed by Summit Management’s Western regional office located in Fort Collins.
The firm’s other Fort Collins properties include The Arbors at Sweetgrass, Stone Creek Apartment Homes and the Landmark Apartments.