Fort Collins apartment complex sells for $64.1M

FORT COLLINS — A 248-unit garden apartment community in southeast Fort Collins has been sold for $64.1 million to a private multifamily investment and development firm based in San Diego.

CBRE Group Inc. (NYSE: CBRE) arranged the sale of Courtney Park, 4470 S. Lemay Ave., to ColRich Multifamily, which owns properties located throughout the western United States.

CBRE’s Terrance Hunt, Shane Ozment, Chris Hart and Brad Schlafer represented the seller, JRK Property Holdings.

“Courtney Park has always performed extremely well and shared renter traffic with much newer assets due to its strong location and unique park-like setting,” Hunt said in a prepared statement. “The new owner intends to make additional improvements to the asset, which will further enhance the property’s performance. This is a great strategy in the Fort Collins market where there is strong demand and headwinds for new development going forward.”

The property has 13 residential buildings with two or three floors each, divided into one- and two-bedroom floorplans. Courtney Park was built in 1986 and updated by its previous ownership, which purchased the property in 2008. Renovations include upgrades to the apartment interiors, clubhouse and common areas.

Each unit features stainless steel appliances, walk-in closets, in-unit washers and dryers and a private balcony or patio. Community amenities include a clubhouse building, business center, fitness center, swimming pool, hot tub, outdoor grilling area, playground, pet park and 441 parking spaces.

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