Aurora apartment company buys portfolio of apartments, homes near downtown Greeley

GREELEY — An Aurora property company spent $10.6 million to buy seven homes and apartment buildings near downtown Greeley earlier this month.

Summit Communities LLC, using the subsidiaries Summit Greeley Houses LLC and Summit Greeley Apts LLC, purchased the apartments at 1515 Seventh Ave., 716 15th St. and 1508 Ninth Ave., along with 706 15th St., 710 15th St., 1509 Seventh Ave., 1511 Seventh Ave, all single-family homes.

Summit and the two subsidiaries used in the property sales share the same address, according to state business records.

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All of the buildings were put on the market earlier this year as a portfolio listing and were last assessed at a combined $8.26 million. The apartments combined hold 98 units and span 62,333 square feet.

Almost all of the buildings are centered around the intersection of Seventh Avenue and 15th Street, about three blocks southeast of Greeley’s downtown district.

John Blackshire, a real estate agent at Transwestern that represented the portfolio’s sellers, said the portfolio drew plenty of interest from investors.

“The demographic trends bode well for landlords in Greeley, and the downtown has seen a resurgence with new projects right next door,” he said.