GREELEY — A Loveland construction company has closed a purchase for a portion of land slated for a 256-unit apartment complex in north central Greeley.
According to a statement from real estate broker CBRE, a subsidiary of Loveland-based Hargrave Construction Inc. purchased the 2.895-acre plot of land for $840,000 from Roche Construction Inc. in a deal that closed Oct. 31. The deal had yet to be recorded as of Wednesday morning, according to Weld County property records.
The property was most recently valued at $96,774 by county assessors.
The site, almost directly east of Ramseier Park, is expected to be developed into 26 buildings with a total of 260 two-bedroom apartments once buildout is completed. The first building is planned to be ready for move-in by May 2020, with rents starting at $1,275 per unit.
The development plans are still in review by the Greeley city planning department and subject to change.
The development surrounds an existing complex of four condominium buildings and a pool and clubhouse, but the land deal does not involve those properties.
Hargrave Construction’s subsidiary has options to buy two sets of nearby land at a future point for future development over two phases. The company did not respond to a request for comment Wednesday morning.