Idaho company buys Clovis Point Apartments from McWhinney

LONGMONT — The Idaho real estate company that purchased a 405-unit Fort Collins apartment building last month has also purchased the 208-unit Clovis Point Apartments.

The two acquisitions, totaling 613 units, mark Roundhouse’s first investments in the Northern Colorado market. 

Roundhouse is based in Boise, Idaho, and calls itself “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 is committed to providing high-quality housing options across the Western U.S.,” said Casey Lynch, CEO of Roundhouse, in a news release. “Our recent acquisitions and developments are the result of our strategic focus on high-growth markets and our dedication to building and operating a diverse multifamily portfolio over the long term.”

According to documents filed with the Boulder County Clerk and Recorder, Roundhouse paid $75 million for the Clovis Point Apartments on Sept. 10, and in August acquired Cycle Apartments in Fort Collins for $120 million, both from McWhinney in Denver.

Clovis Point apartments are located at 1855 Lefthand Creek Lane.

“We’re excited about the opportunities these new acquisitions and developments represent for our platform, partners, and team members,” Michael Caldwell, managing director of investments at Roundhouse, said in the release. “Our ability to identify and capitalize on opportunities in all market environments is a key driver of our success, and we look forward to continuing to add high-quality properties to our portfolio across the Western U.S.”

With Clovis Point, Cycle and other acquisitions in Idaho Falls, Idaho, and Seattle, and breaking ground on two new apartment buildings in Idaho Falls and Missoula, Montana, Roundhouse reports will add 1,530 units to its portfolio.

Walker & Dunlop served as the brokerage firm for both Colorado deals, the release stated.

Roundhouse, according to a spokesman, does not have any specific acquisition or development goals in Colorado, but views the state as one of its core markets and will aim to grow its footprint in the state on an annual basis through acquisitions and development.