Fort Collins, CO — ARA, A Newmark Company (ARA Newmark) recently announced the sale of Village Gardens in Fort Collins. The apartment community achieved an impressive undisclosed per unit price, thought to be driven by employment growth and Colorado State University’s high enrollment rate.
The 141-unit property sits on 13 acres, with a ratio of 10.85 units to one acre of land, giving the property an open, park-like feel.
Vice Chairmen Terrance Hunt, Shane Ozment, Doug Andrews and Jeff Hawks; Executive Managing Director Justin Hunt; and Senior Managing Director Andy Hellman represented Los Angeles-based real estate investment firm JRK Property Holdings in the sale to Illinois-based Inland Real Estate Group.
“The boom in the Fort Collins market is driven by multiple factors including high employment growth (up 7.4 percent from last year) and Colorado State University’s growing enrollment (21.2 percent growth over the last decade). The town itself is known for remarkable quality of life,” Hunt said. “These exceptional market fundamentals as well as high occupancy at the property helped Village Gardens achieve an impressive per-unit price for a 1970s vintage.”
Located at 1025 Oxford Lane, Village Gardens is minutes from the 77-acre, $313-million Foothills Mall redevelopment, which is anchored by Nordstrom Rack, H&M and Cinemark Movie Bistro. A mile from the property, Mason Trail runs parallel to College Avenue and provides bicycle and pedestrian access to CSU and other major Fort Collins destinations. In both 2013 and 2017, the city received the four-year- long designation as a Platinum Bicycle Friendly Community (BFCSM) by the League of American Bicyclists. Additionally, the Harmony
Business Corridor, which runs the length of Harmony Road, is a short car- or bike-ride away and is the largest employment corridor in northern Colorado.
The seller of Village Gardens completed extensive capital improvements, including a newly renovated all-season indoor pool, fitness center, lounge area, business center, fire pit with barbeque grills, dog park and sand volleyball court. The property’s interiors are finished with stainless steel appliances, new cabinet faces and hardware, upgraded countertops, wood-style flooring and updated lighting fixtures.
Image courtesy of ARA Newmark
