Seasons at Horsetooth Crossing, a 208-unit, garden-style multifamily community in Fort Collins, has sold for $62.7 million.
JLL represented the seller, Dallas-based The Rainier Companies, in the sale of the property to a Delaware Statutory Trust (DST) sponsored by Hamilton Zanze, a San Francisco-based multifamily real estate investment firm.
JLL also arranged the 10-year $38.8 million acquisition loan on behalf of the Hamilton Zanze-sponsored DST through Freddie Mac.
Seasons at Horsetooth Crossing consists of 26 two-story buildings with one-, two- and three-bedroom units averaging 1,038 square feet each. Residents have access to a variety of amenities, including a clubhouse, fitness center, pool, business center, courtyard, bbq grills and bike storage. Parking is available via assigned parking and detached garages.
Positioned at 1020 Wabash St. just 10 minutes south of Colorado State University (33,000+ enrollment) and Old Town Fort Collins, Seasons draws a wide tenant base with sustained demand as the rent vs. own gap in Fort Collins continues to widen, promoting the growing sentiment of “renting for longer” in this area. Despite the asset’s proximity to the university, student concentration at the asset that the student concentration was less than 10% and all student tenants had guarantors.
Seasons at Horsetooth Crossing is well-located with access to Highway 287, Highway 34 and Interstate 25, providing access to Denver and the broader Front Range. Additionally, residents are within minutes of multiple shopping centers, including Foothills Mall and The Pavilion Shopping Center as well as a variety of daily needs retail and entertainment options.
JLL’s Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Managing Director Jordan Robbins, Managing Director Wick Kirby, Senior Director Alex Possick and Director Seth Gallman. The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Tyler Ford.
“Investors were drawn to the Seasons at Horsetooth Crossing as it was an attractive opportunity in a prime growth corridor in Colorado,” said Robbins.
The Fort Collins multifamily market is working through a recent wave of new supply. Vacancy stood at approximately 10.1% in the second quarter, according to CoStar data cited by Realtec, with about 690 units delivered over the previous 12 months.
