Apartment Community Achieves Second Highest Price Per Unit Ever Achieved in Greeley
GREELEY, CO — Franklin Flats, a 108-unit apartment community in Greeley, has sold for $15.4 million or $142,593 per unit. The price per unit is the second highest price ever achieved for a multifamily property in Greeley and is a record for properties built prior to 2001.
Nick Steele and Jacob Steele, of Marcus & Millichap (NYSE: MMI), in the firm’s Denver office, represented the seller in the transaction, an LLC comprised of several local investors. Alta Community Investments, a California-based real estate investment firm, acquired the apartment complex, with a plan to continue renovations at the property.
“Franklin Flats was one of the highest yielding multifamily opportunities I have seen come to market in Colorado in the last several years.” says Nick Steele. “The property has experienced very strong operations as a result of a number of property improvements made by the seller and the rapid growth of northern Colorado.”
Built in 1972 and renovated extensively in 2015/16, Franklin Flats is situated on 4.45 acres located at 3208 West 7th Street, just off the Highway-34 business route through Greeley, in close proximity to area retail. Amenities at the property include, a heated pool, a fully remodeled clubhouse featuring a business center, lounge and with kitchen for resident use, as well as a brand new fitness room and playground. Additional amenities include, a dog park, sun deck off the clubhouse and BBQ areas throughout the grass courtyards that separate the community’s buildings.
Image courtesy of Marcus & Millichap