A group led by a pair of investment firms in Boulder County paid $51.25 million recently for The Argyle apartments in Fort Collins. (Courtesy Haven Capital)

Boulder County-based group pays $51.25M for Fort Collins apartment complex

FORT COLLINS — A joint venture led by Chris Geer of Superior-based Haven Capital and Eric Mallon of Boulder-based Heartwood Capital closed recently on the $51.25 million purchase of The Argyle at Willow Springs apartments in Fort Collins.

The purchase price came out to just more than $183,000 per unit for the 280-unit complex built in 1999.

Wisconsin-based MLG Capital is also an equity partner in the Argyle Acquisitions LLC entity that bought the property.

The seller in the off-market transaction was the family of the late Donald M. Culver of Boulder, who died in 2012. Culver had actually founded Haven Capital’s sister company, Haven Property Management, in 1968 before selling that company more than 20 years ago. But Haven Property Management had been managing The Argyle for the Culvers and will continue to do so under the new ownership, Geer said in a phone interview.

Geer, who is CEO of Haven Capital and Haven Property Management, cofounded Haven Capital in 2015 with John Moritz.

Geer said The Argyle — where rents range from $1,137 to $2,153 for one-, two-, and three-bedroom units according to the complex’s website — is 96 percent occupied. He said the new ownership group’s plan is to complete about $2.25 million in renovations that will consist of upgrading and updating the clubhouse, expanding the fitness center, and upgrading things such as paint, flooring, appliances and fixtures in the units.

Haven Capital owns the Foot of the Mountain Motel in Boulder, as well as property in Denver and Summit County.

“We love the location in southeast Fort Collins,” Geer said. “We think that’s one of the best places to own real estate in Fort Collins. It’s an extremely well-maintained asset. We believe in Fort Collins and think it has a bright future.”