Franklin Flats Apartments in Greeley sells for $15.4M

GREELEY — Franklin Flats Apartments, a 108-unit complex in Greeley, has sold for $15.4 million, or $142,593 per unit.

The price per unit is the second-highest price for a multifamily property in Greeley and is a record for properties built prior to 2001, according to Marcus & Millichap (NYSE: MMI), the real estate brokerage that represented the sellers in the deal.

Alta Community Investment, a California-based real estate investment firm, acquired the apartment complex at 3208 W. Seventh St and plans to continue renovations at the property. A group of unidentified investors in Colorado sold the property.

SPONSORED CONTENT

Prioritizing mental health in hospice care

Prioritizing mental health support alongside physical comfort, Pathways hospice care aims to enhance the quality of life for patients and their families during one of life's most challenging transitions.

Nick Steele and Jacob Steele, in the firm’s Denver office, represented the seller in the transaction, an LLC comprised of several local investors.

“Franklin Flats was one of the highest-yielding multifamily opportunities I have seen come to market in Colorado in the last several years.” Nick Steele said. “The property has experienced very strong operations as a result of a number of property improvements made by the seller and the rapid growth of Northern Colorado.”

Built in 1972 and renovated extensively in 2015 and 2016, Franklin Flats is situated on 4.45 Acres three blocks from the U.S. Highway 34 business route through Greeley.

Amenities include a heated pool, remodeled clubhouse featuring a business center, lounge and kitchen for resident use. It also has a fitness room and playground,  a dog park, sun deck off the clubhouse and barbecue areas throughout the grass courtyards that separate the buildings.