Atlanta firm buys luxury apartment complex in Johnstown for $71M

JOHNSTOWN — A 254-unit luxury apartment complex in the 2534 development sold this week, real estate brokerage CBRE Capital Markets said in a news release. 

The complex, Gateway at 2534, is located at the southeast corner of the interchange of Interstate 25 and U.S. Highway 34.

According to Larimer County property records, the sale closed Tuesday for $71 million, or $279,528 per unit.

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CBRE brokers Dan Woodward, David Potarf, Matthew Barnett and Jake Young represented the seller, New-York-based Abacus Capital Group. 

According to Larimer County property records, the buyer was Ronald Reagan CO Partners LLC. Its registered address is the same as the headquarters of the Atlanta-based international multifamily investment company Cortland.

Abacus Capital Group had bought the complex for $58.2 million in 2016 from Spanos Corp.

This is the second sale for more than $70 million of an apartment complex in 2534 this year. In March, the 236-unit Rise at 2534 was purchased for $70.2 million by a firm in New York.

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