Real Estate & Construction  June 8, 2021

Fort Collins apartments fetch $101M sales price

FORT COLLINS — Developer and former Fort Collins City Council member Gino Campana closed on a deal late last month to sell off the Bucking Horse Apartments community in Fort Collins to an out-of-state investor for $101 million. 

The complex at 2274 Yearling Drive was built in 2018 and includes 322 one-, two- and three-bedroom units. The per unit sales price for Bucking Horse was nearly $313,665.

The buyer, according to Larimer County real estate filings, was IPXI MF Bucking Horse Investors LLC, a holding company affiliated with Pennsylvania-based Equus Capital Partners Ltd.

“The Fort Collins market is experiencing strong rental demand and population growth due to an expanding job market and a favorable lifestyle. These positive attributes are an integral part of our strategy to focus on high growth secondary markets,” Equus vice president of acquisitions Brant Glomb said in a prepared statement. “With its recent construction and Class-A finishes and amenities, Bucking Horse is well-positioned at the high end of the Fort Collins apartment market.”

The investor bought Bucking Horse through a discretionary $387.8 million equity fund managed by Equus.

Property management affiliate Madison Apartment Group LP will manage the Bucking Horse, which the company said is 98% occupied.

Equus entered the Boulder Valley and Northern Colorado markets in 2018 with the purchase of an office building in Broomfield’s Interlocken business park. 

Campana, a Colorado State University graduate who sold the property using an entity called Bucking Horse Apartments LLC, is a known commodity in Northern Colorado real estate and politics. 

Late last year, he was nominated by former President Donald Trump to serve as the chair of the Public Buildings Reform Board, a federal group that analyzes the national government’s real estate holdings.

The $101 million sales price is a striking figure and in many years could be Fort Collins’ biggest multi-family property sale. But this year, during an era of ultra-high home prices, there has already been a richer deal inked. 

The Wyatt in Fort Collins, a nine-building, 368-unit complex in the city’s southeast corner, sold in March for $110 million. Multi-family developments have been hot in the region’s college towns this year with the 244-unit The Reve in Boulder selling for $151.25 million in March. That’s the largest multi-family deal in the region so far this year.

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