NYC investor buys The Outpost apartments for $66M

FORT COLLINS — Ft Collins Borrower LLC sold The Outpost apartments to PR CR Outpost LLC for $66 million.

A deed with the Larimer County Clerk and Recorder is dated Oct. 22.

Secretary of State filings for the seller give a Columbus, Ohio, address for the LLC. It shares the address with Coastal Ridge Real Estate Partners LLC and one of the latter’s portfolio apartment properties.

Coastal Ridge owns or manages 50 apartment communities in 18 states, excluding the Fort Collins site, according to its website. Twenty-two of the 50 are in Ohio; most of the others are in the southeastern U.S.

The buyer is an affiliate of Prospect Ridge Advisors LLC in New York, according to Colorado secretary of state filings. Prospect Ridge is a private equity firm focused on real estate. Its website showed dozens of multifamily, hospitality, office and industrial properties and portfolios it owns or has owned.

The website lists a current Colorado holding, The Curtis Hotel in Denver. It said Prospect Ridge is named for a Colorado hiking trail, “notoriously difficult to traverse” but rewarding to climbers who are prepared, astute, focused, nimble and informed, comparing this to “successful real estate investing.”

The Outpost is at 530 Lupine Drive, three miles from Colorado State University, east of North College Avenue between Conifer Street and East Vine Drive. Its 220 units include about 700 bedrooms in floorplans including up to five bedrooms.

Coastal Ridge bought the complex in December 2016 for $65.5 million, when it was called Aspen Heights.

Calls to Coastal Ridge and Prospect Ridge weren’t immediately returned.

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