Greeley apartment complex sells for $6.7M

GREELEY — Denver-based Cedarbridge Apartments LLC has acquired a 108-unit apartment complex in Greeley for $6.7 million, or $62,300 per unit.

Cedarbridge bought the Columbine Apartments at 3208 W. Seventh St. from Greeley-based J & J Enterprises Property Management LLC, owned by homebuilder Jeff Demaske.

Columbine Apartments is a garden-style apartment complex minutes from the University of Northern Colorado campus.

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Jacob Steele, associate vice president investments, and Nick Steele, senior associate, both in Marcus & Millichap’s Denver office, facilitated the sale, which the real estate company announced Tuesday.

Nick Steele said despite the turmoil in the oil and gas industry, the Greeley rental market is one of the tightest in Colorado.

“Columbine Apartments will benefit from the strength of the market and an anticipated renovation of the property,” Nick Steele said.