Fort Collins’ Enclave Rigden Farm sells for nearly $41M

FORT COLLINS — Enclave Rigden Farm, a 105-unit townhome property in east Fort Collins, has been sold for $40.875 million.

Santa Barbara, California-based Granite Capital Group, a real estate investment firm with multiple Colorado holdings including Enclave Vista Ridge in Erie and Nova West Apartments in Longmont, sold the 4.37-acre complex to Denver-based Avanti Residential, whose properties include Centre Court and Copper Ridge in Louisville.

Granite Capital registered as GCG Rigden Farm Townhomes LP and PFS Trust LLC for the sale, and Avanti registered as Avanti Residential Enclave TIC I LLC.

Granite Capital has owned the townhome community at 2758 Iowa Drive, just west of Liberty Common High School, since June 2017. The property, built in 2007, features two- and three-bedroom rental townhomes with direct-access garages and private patios. The units range from 1,120 to 1,407 square feet and rent from $2,333 to $2,774 a month.

The transaction, which closed Feb. 25 and was registered with Larimer County the next day, was brokered by Denver-based Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group.

“This sale represents a successful full-cycle investment and an outcome that aligns with the strategy we presented to our investors from the outset,” Bruce Savett, Granite Capital’s founder and CEO, said in a prepared statement. “At a time when many deals are struggling under the weight of optimistic underwriting, we are proud that our conservative approach and long-term discipline produced the result we set out to achieve.”

Added Robert Bratley, Berkadia’s managing director, “Enclave Rigden Farm is a great townhome asset in Fort Collins. The fundamentals in Fort Collins are the strongest in the state right now. This was a very competitive process with over 30 property tours, which shows Fort Collins is high on investors’ priorities.”

The sales price reflects a per-unit price of $389,285 or $327 per square foot. The property was 95% occupied at the time of the sale.

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