Loveland, CO – CBRE Group, Inc. recently announced the sale of the Lincoln Hotel Apartments building located at 365 North Lincoln Avenue in Loveland, Colorado. Mike Eyer and Julius Tabert of CBRE’s Fort Collins office handled the sale, which closed Friday, Oct. 14, 2016. The seller was Lincoln Hotel Apartments, LLC of Loveland. The buyer was Little Red II, LLC of Santa Fe, New Mexico. David Treadwell and Shaun Duignan of CBRE Capital Markets Debt & Structured Finance facilitated the financing for the transaction. The 21,000-square-foot mixed-use property is listed on the U.S. Department of the Interior National Register of Historic Places and is part of the Downtown Loveland Historic District.
“The chance to acquire the Lincoln Hotel Apartments presented a unique opportunity to capture a piece of Loveland’s historic past and anchor it firmly in the city’s emerging future,” said Mr. Eyer, vice president with CBRE in Fort Collins. “The property combines one-of-a-kind architectural elements with reliable income from both residential and retail leases and a prime location that is on the precipice of a major revitalization through the Foundry project. As an investment, it is well-positioned for long-term value.”
Originally built in 1906, the three-story Lincoln Hotel Apartments includes 27 apartment units, a laundry facility and four ground-floor retail spaces fully leased to three tenants. On-site retailers, which are located along 4th Street, include Carl’s Canteen, Dicken’s Alley and Dude Cuts Barber Shop. Fifteen of the property’s 27 apartments are currently rent-controlled, which was arranged in exchange for Community Development Block Grants awarded by the City to assist in restoring the property. The seller, who acquired the property in 2002 and has worked to renovate it over the past 13 years, also received a Historic Façade Grant from the State Historical Society to help preserve the building’s distinct architectural exterior.
“Everyone involved is glad to have found a buyer equally dedicated to working with the Community Partnership Office of the City of Loveland to help this historic landmark continue to meet a public need for low income housing,” said Mr. Tabert, vice president with CBRE in Fort Collins. “Lincoln Hotel Apartments is a great example of how civic services and investment interests can work together toward building a stronger community.”
“We are thrilled to join Loveland’s historic downtown. We see a very bright future for the community and are very pleased to be a part of it,” said John Utton, managing partner for the new owner. Mark and Suzanne Sheridan of Denver are also partners in the project.
Located in the center of Loveland’s Renewal Initiative District, the Lincoln Hotel Apartments site is part of the new downtown Loveland revitalization project known as The Foundry. The project is transforming three historic blocks into public spaces, apartments, offices, retailers and parking to support the downtown area’s rise as an epicenter for local entertainment. Work on The Foundry began in February 2016 and is slated for completion in summer 2018.
Image courtesy of CBRE