Real Estate & Construction  April 4, 2016

Inland adds to NoCo portfolio with purchase of 2 apartment complexes in Fort Collins

FORT COLLINS — Illinois-based Inland Real Estate Acquisitions Inc. continues to add to its real estate portfolio in Northern Colorado, acquiring two apartment complexes in Fort Collins for $83 million.

Inland  bought the properties from Hamilton Zanze & Co., a San Francisco investor, which had paid $32.95 million for them in 2010.

Inland paid $43 million for the Miramont Apartments at 4900 E. Boardwalk Drive and $40 million for the Pinecone Apartments at 2212 Vermont Drive, according to public records.

Miramont consists of 15 buildings containing 45 one-bedroom and 165 two-bedroom units. Pinecone Apartments has 13 buildings with 45 one-bedroom and 150 two-bedroom units.

At the time of sale, March 25, both complexes were 97 percent leased, according to a statement issued by Inland.

Inland Real Estate Acquisitions Inc. has acquired several housing and commercial real estate properties in Northern Colorado during the past couple of years.

Last December, Inland acquired the Country Club West Apartments in Greeley for $36 million.

In September, Inland acquired the building in Greeley that is leased to Kohls department store. It paid $10.5 million, or $119 per square foot, to Greeley Realty Ventures LLC for the 88,239-square-foot building at 4224 Centerplace Drive.

And in December 2014, Inland paid $60.75 million to Loveland-based McWhinney Real Estate Services Inc. for the Lake Vista Apartments at 2235 Rocky Mountain Ave., and $44.5 million for the Greens at Van de Water at 2900 Mountain Lion Drive in Loveland, according to public records.

Inland Real Estate Acquisitions Inc. is the purchasing arm for various entities that are a part of The Inland Real Estate Group of Companies Inc., a group of independent legal entities, some of which may be affiliates, share some common ownership or have been sponsored or managed by Inland Real Estate Investment Corp. or its subsidiaries.



Doug Storum

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