Argyle at Willow Springs in Fort Collins sells for $63.5M

FORT COLLINS — MLG Capital, an investment manager in private real estate, has sold the Argyle at Willow Springs in Fort Collins for $63.5 million, which is $12.25 million more than it paid for the facility in 2016.

The buyer was Fort Collins 280 Owner LLC, Larimer County public records show.  That company registered to the New York City address of Phoenix Realty Group, a real estate company that specializes in multifamily housing management and investments. The company’s property management operation uses the trade name Alvista Communities.

The Argyle is a 280-unit multi-family apartment complex spread over 258,528 square feet at 2002 Battlecreek Drive in Fort Collins.

MLG bought the apartment complex in 2016 from the family of the late Donald M. Culver of Boulder. MLG, along with Louisville real estate investment firm Four Mile Capital, owned the apartment community under the name Argyle Acquisitions LLC.

They paid about $186,000 per unit then. The sales price now represents a per unit price of $226,786. MLG invested $1.5 million to upgrade the interior of the units, each of which has access to a 24-hour fitness center, heated outdoor pool, club house, playground, dog park, detached garages and community barbecue area,” said Andrew Bruce, executive vice president and principal at MLG Capital.

“Fort Collins has experienced explosive job growth and is forecasted to be Colorado’s leading economic performer. It enjoys strong demographics and a diverse employment base that contribute to its position as an award-winning community. Our family of investors realized phenomenal overall returns as a result of organic and in-place rent growth and following this exit, we will continue our pursuit of new value-added investment opportunities from our deep nationwide sourcing network,” said Bruce. “Our competitive advantage is proprietary deal flow, and we are actively seeking similar opportunities.”

MLG Capital is currently raising its fourth private real estate investment fund, MLG Private Fund IV LLC, a targeted $200 million equity fund that is accepting new accredited investors through March 31, 2021.  The series of MLG Private Funds were formed to acquire, directly or indirectly, a geographically diverse portfolio of commercial real estate, primarily consisting of commercial multifamily properties, industrial, retail, office, and other opportunities located in strategically identified areas throughout the United States.

on Facebook on LinkedIn