JLL Capital Markets has arranged acquisition and renovation financing for the Landmark and Stone Creek Apartments, a two-property portfolio located in Fort Collins. The purchase and renovation costs will total more than $81 million.
Brickstone Partners, a full-service real estate investment and development firm located in Nashville, Tennessee, acquired the portfolio through a national balance sheet lender. The loan was secured for acquisition and repositioning of the assets with significant capital investment plans for the interior and exterior of the property.
The portfolio totals 288 one-, two- and three-bedroom units. Brickstone will embark on a comprehensive renovation strategy to encompass all units at both properties. Current amenities at the properties include a dog park, state-of-the-art fitness center and two heated saltwater pools.
The Landmark apartments are located at 1050 Hobbit St., total 120 units, 101,184 rentable square feet and consist of 12, two- and three-story buildings. The Stone Creek Apartments are located at 1225 W. Prospect Rd. and total 168 units, 130,520 rentable square feet and consist of 13 two-story buildings. Nestled in Central Fort Collins, the apartments offer a quaint neighborhood setting without compromising nearby entertainment, dining and retail amenities.
Also boasting scenic ponds and outdoor recreation, the apartments are also located less than 1.5 miles from Pineridge Natural Area, a preserved parkland with biking and hiking trails; the Horsetooth Reservoir, which generates over 570,000 visitors and contains 6.5 miles and 1,900 acres of public lands with fishing, boating and biking; and Spring Canyon, one of most well-known parks in the area with athletic facilities.
The JLL Capital Markets team representing the borrower was led by Senior Director Kristian Lichtenfels and Director Robert Bova.
“We are thrilled to have helped Brickstone in capitalizing this expansion of their Colorado multi-housing portfolio with these two extremely well-located garden style apartment communities in the growing Fort Collins market,” said Lichtenfels. “Brickstone’s significant investment into these 1985 built properties will ensure strong cash flow for many decades to come.”
