Fort Collins apartment complex sells for $110M

FORT COLLINS — A California real estate group has spent $110 million to acquire The Wyatt in Fort Collins, a nine-building, 368-unit complex in the city’s southeast corner.

A subsidiary of San Francisco-based Hamilton Zanze & Co. acquired the complex west of the East Harmony Road/I-25 interchange in a deal that closed March 30, according to Larimer County property records. The deal amounts to $298,913 per unit, and is an almost 231% premium over the property’s last estimated value of just less than $33.24 million by county assessors.

The complex was completed in 2019. In a statement, Hamilton Zanze said the property was 89.1% occupied at the time of purchase.

Hamilton Zanze paid nearly 11.5% more per unit for the south Fort Collins complex compared to Buchanan Street Partners LP, which purchased the 276-unit The Vibe complex last September for $268,116 per unit.

The Vibe is just a quarter-mile southwest of The Wyatt, but doesn’t have immediate access to East Harmony Road. Its unit sizes range from 562 square feet to 1,104 square feet, compared with the Wyatt’s range of 761 square feet to 1,413 square feet.

The Wyatt’s sale comes days after the Rise at 2534 in Johnstown sold for $297,500 per unit and the under-construction Residential portion of the Reve in Boulder sold for a stunning $620,000 per unit.

Hamilton Zanze owns 16 apartment complexes in Colorado, including the Pavilions at Silver Sage near Midtown Fort Collins.

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