California apartment real estate firm buys Greeley apartments for $14.51M

GREELEY — Stratford Partners have purchased the eight-building Cottonwood apartment complex in central Greeley for $14.51 million in an addition to its portfolio of multifamily housing in Colorado.

A subsidiary registered to the Del Mar, California-based group’s address bought the 96-unit complex in a deal that was recorded on Dec. 17, according to Weld County property records. The complex is located directly east of Bittersweet Park across 35th Avenue.

The deal amounts to about $151,229 per unit, and a $7.44 million premium over what county officials valued the property at in 2020.

Stratford primarily operates multi-family housing complexes along the West Coast states and in Arizona. It owns the Parkway Flats in Longmont, Prana complex in Lafayette, Bridge Square in Brighton and Summerfield condominiums in Aurora.

Managing principal Jesse Wilson told BizWest that the apartments will be a long-term hold within Stratford’s portfolio, particularly because the group views Greeley as an affordable community in the relatively close range of Denver.

The group intends to hire Greenwood Village-based ConAm Management Corp. to manage the apartments after it was self-run by the previous owner and intends to make renovations and upgrades to the complex over the next 12 to 24 months.

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