Fort Collins apartment complexes sell for $64.5M

FORT COLLINS — A Tennessee-based property-management company purchased two multifamily apartment complexes in Fort Collins for a total of $64.5 million, CBRE Capital Markets announced in a news release. 

CBRE brokers Dan Woodward, David Potarf, Matthew Barnett and Jake Young represented the seller, Summit Management Services. The buyer, Brickstone Partners, Inc., is based in Franklin, Tennessee.

The properties include the 120-unit Landmark at 1050 Hobbit St. and the 160-unit Stone Creek at 1225 W. Prospect Road. Both properties were built in 1986. Brickstone will modernize and upgrade them, bringing the company’s total investment to $81 million, according to the news release.

“Landmark and Stone Creek provided the buyer with a unique investment opportunity to acquire two strong value-add properties in Northern Colorado, which has seen positive rent growth, strong net absorption numbers, and stabilized vacancy of 4.3 percent — well below the Denver metro,” Potarf said in a prepared statement. 

Brickstone founder and principal Daniel Otis said, also in a statement: “We are excited to add these assets to our extensive Colorado student housing portfolio. The communities are some of the best located student housing near CSU and we welcome the opportunity to upgrade these communities to better fit the active, energetic lifestyle of the neighborhood.”

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