105-Unit Townhome/Apartment Complex in Fort Collins Acquired for $27.8M
Fort Collins, CO — Granite Capital Group (GCG), a Santa Barbara, Calif. real estate investment firm with multiple Colorado real estate holdings, has purchased the 105-unit Brooklyn Park Rowhouses, a townhome/apartment complex in Fort Collins, Colorado. The sales price was $27.8 million. The transaction closed June 23.
Located at 2758 Iowa Drive, the property consists of 12, Class A buildings that were built in 2007 and 2008. It is situated on 4.4 manicured acres and features a mix of 2 and 3 bedroom units with 2 or 3 baths, attached full-sized 2-car garages, private patios, gas fireplaces, walk-in closets, in-unit laundry rooms, 9’ ceilings and oak floors. The units range in size from 1,120 to 1,407 square feet.
The property will be rebranded Rigden Farms Townhomes and managed by Granite Management Group. It is currently 100 percent occupied.
“Our goal in all our projects is to build and operate housing that feels like a home rather than apartment living,” says Bruce Savett, GCG founder and principal. The company plans to upgrade the unit interiors as units become available. Upgrades include quartz countertops, refinished hardwood floors, new lighting and plumbing fixtures and new kitchen cabinets.
“Fort Collins is a wonderful community to raise a family, pursue an exciting career or to retire,” says Savett. “Its economy is strong, diverse and attracts professionals from around the country. We see Rigden Farms as being in a prime location adjacent to a King Soopers-anchored retail center and a short distance to the downtown area so shopping and restaurants are within easy walking distance.”
Projected annual cash flow for investors will start at over six percent in year one, increasing to over 10 percent in year four.
Nick Steele of Marcus and Millichap in Denver was the listing agent in the transaction and represented the seller. A Fannie Mae loan was acquired through Brian Huff and Chris Ellis at Berkadia Commercial Mortgage.
Rigden Farms is the latest in a number of GCG acquisitions in Colorado. In 2016, GCG purchased the recently completed Kipling Commons, a 48-unit residential development in Arvada for $10.6 million, and it closed initial funding and began developing Fairways at Vista Ridge, a $41.5 million, 14.5-acre, 169-unit single-family rental community in Erie’s Vista Ridge Master Planned community.