Caddis Capital Investments Sells Student Housing Development near CSU
Denver, CO – Caddis Capital Investments LLC (CCI) closed on the disposition of Carriage House Apartment Homes LLC, a 94-resident Student Housing complex, with their joint venture development partner, Catamount Properties, who assembled and developed the site. The luxury student housing community was valued at $10m when CCI and Catamount broke ground 2 years ago and sits directly across South Shields Street from the Colorado State University campus.
The Class A community has been 100% leased since achieving the Certificate of Occupancy in August of 2015 and remains fully occupied for the 2016-2017 school year. The sale price of $12 million represents a new (per bed) record price of $127,660 for a student oriented apartment community in Fort Collins.
“Carriage House is a state-of-the-art apartment community that is uniquely conceived with 5 separate buildings ranging from 8 to 14 units per building. The livability of this community is exceptional where virtually every home is a corner unit with windows on two sides. The result is a strong income producing asset in a supply-constrained, demand driven market,” said Rhett Trees, a Partner at CCI. “As a part of our Trico Fund III portfolio, this sale reinforces our thesis to acquire and develop attractive income producing assets with significant return-on-equity upside.”
The Carriage House site is located on a prime, 1.5-acre corner lot directly west from the CSU campus, several hundred yards from CSU’s Academic Village dormitory complex and just 3 blocks from the Student Rec Center. Carriage House provides students with a private, off campus housing experience where CCI and Catamount curated an ideal community for residents to live, study and play, including 57 reserved parking spaces onsite.
“Caddis Capital Investments was the ideal capital partner for this development and we feel fortunate to have such a strong relationship with their team.” said Chuck Bailey, owner of Catamount Properties, a Colorado resident for the past 53 years and a noted veteran in the student housing and apartment industries.
“As an emeritus member of the CSU College of Business Global Leadership Council, alumni and former student athlete, I am proud to see this project come full circle, especially in such a short time frame with a tax-efficient disposition just over 1 year from our Certificate of Occupancy,” said Tery Larrew, Founder and Managing Partner at Caddis Capital Investments.
Images courtesy of Caddis Capital Investments, by Charles Bailey