Loveland Foundry apartment buildings sell for $44M

LOVELAND — A California apartment-management company has purchased Patina Flats, one of the most prominent apartment complexes in downtown Loveland, for just more than $44 million.

A subsidiary for Irvine, California-based real estate investment group Steadfast Cos. purchased the building at 296 N. Cleveland Ave. and 297 N. Lincoln Ave. in two separate transactions for $28.45 million and $15.64 million, in a deal that closed Feb. 11, according to Larimer County property records. The Cleveland property was assessed at $17.79 million by county officials and the Lincoln property at $10.28 million

The Patina Flats complex is in two buildings — one facing Cleveland and the other facing Lincoln, with the outdoor plaza area of the Foundry between them. The Lincoln side at 46,686 square feet contains 56 units of mostly studio and one-bedroom apartments. The Cleveland side has 99 larger units in 79,570 square feet, according to Larimer County property records. Underground, secured parking for tenants was part of the building design. 

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Rent prices at the five-story, 155-unit complex, completed in 2018, range between $1,195 per month for a 501-square-foot studio to $1,705 per month for a 1,046-square-foot two-bedroom unit. The three-bedroom apartments do not have publicly listed prices.

The apartments were 98.1 percent occupied in January, according to Yardi Matrix data.

Steadfast also owns the PeakView by Horseshoe Lake apartments in Loveland, PeakView at T-Bone Ranch apartments in south Greeley, the Spring Hollow apartments in northeast Brighton and five other apartment buildings in Lakewood and Aurora.