Evans student apartments sell for $21M

EVANS — Evans’ first and only student housing complex has sold for $21 million.

According to Weld County records, Verge at Greeley Apartments LLC purchased the 10-building, 192-unit Grove at Greeley complex at the end of December from Campus Crest Communities, which developed The Grove in 2007. The Greensboro, North Carolina-based company built the complex at 3202 11th Ave., to house students from the University of Northern Colorado, which was about a mile to the north. The complex offered furnished apartments for as many as 504 students. 

The original $18 million project was expected to kick-start surrounding retail, including a shopping center built to the east of the apartments along U.S. Highway 85. That shopping center was later razed to make way for new development. McDonald’s Corp. (NYSE:MCD)  most recently signed on to build a new restaurant in the now vacant property to the east of the apartment complex.

Verge at Greeley Apartments LLC is based out of Livingston, New Jersey, according to the warranty deed on the property. The financing paperwork for the Grove apartments was signed by Michael Schofel of Eastman Management Companies, a real estate development, construction and management company, at that same Livingston address.

Campus Crest Communities merged with Chicago-based Harrison Street Real Estate Capital in 2016, according to studenthousingbusiness.com. In November, Harrison Street announced the $893 million sale of 14 student housing assets to affiliates of The Scion Group, which has Colorado student housing projects in Colorado Springs, Denver and Fort Collins. 

Contacted Jan. 14, a representative of Harrison Street Real Estate Capital said the company typically does not divulge individual properties within their portfolio sales. 

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