McWhinney sells Fort Collins apartment complex for $120M

FORT COLLINS — In the middle of redevelopment plans for the Foothills Mall, McWhinney Real Estate Services Inc.. a co-owner of the mall, recently sold an adjacent 405-unit apartment complex it built eight years ago.

Through an entity called FMFPE LLC, McWhinney sold its Cycle Apartments on Aug. 15 for $120 million to a Boise, Idaho-based company called Cycle Property Owner LLC.

McWhinney built the apartment buildings in 2016, opening for occupancy in 2018. The Cycle Apartments at 3521 Stanford Road include 18 three- and four-story buildings — almost 409,000 square feet of development — 10.5 acres immediately northeast of the mall. 

Four years after Cycle Apartments were built, McWhinney and LA-based investor Prism Places bought the mall out of receivership with plans to rejuvenate the mall with new retail and multi-family residences. As late as 2023, McWhinney and Prism had been working on redevelopment plans for the mall. At the time, they reported they hadn’t planned on moving any dirt until 2025. Nothing new has been reported on the plans for the last year.

In 2022, McWhinney bought the Fort Collins Marriott just south of the mall for $29 million. 

The Cycle Apartments buyer appears to be a holding company affiliated with Roundhouse, which states on its website that it is “a fully integrated developer and operator of multifamily housing. Starting with a single condominium purchased amidst the financial crisis in 2009, we have since developed and acquired a portfolio of over 7,400 multifamily homes.”

Roundhouse CEO Casey Lynch registered Cycle Apartments Owner LLC with the Colorado Secretary of State’s office.

Roundhouse  recently opened two apartment complexes in 2023 in Bozeman, Montana. One was a 95-unit midrise building and the other was a 268-unit garden style complex.

Sharon Dunn

Sharon Dunn is an award-winning journalist covering business, banking, real estate, energy, local government and crime in Northern Colorado since 1994. She began her journalism career in Alaska after graduating Metropolitan State College in Denver in 1992. She found her way back to Colorado, where she worked at the Greeley Tribune for 25 years. She has a master's degree in communications management from the University of Denver. She is married and has one grown daughter — and a beloved English pointer at her side while she writes. When not writing, you may find her enjoying embroidery and crochet projects, watching football, or kayaking and birdwatching on a high-mountain lake.