Boulder-based Warm Springs Holdings has acquired Bonell, a 350-unit apartment property located in Greeley, according to Boomer Beatty and Matthew Beverly, investment specialists with Marcus & Millichap’s Denver office. The duo represented Warm Springs Holdings and the seller, Good Samaritan, in the sale. A price was not disclosed.
“This is the first time the property, at the gateway to Greeley, has been traded in nearly 90 years. The property was no longer viable for its current use giving Warm Springs a historic opportunity for an adaptation of the campus and to reimagine a beloved part of Greeley’s history,” Beverly states. “This project will be transformative for this area by rejuvenating the property and providing quality housing options for front-line workers, firefighters, police officers, and other working families of Greeley.”
“Good Samaritan had received an off-market offer prior to approaching us,” continued Beverly. “We were able to secure an offer 81 percent higher than the previous offer within 36 hours after being engaged by the seller.”
Warm Springs Holdings own multifamily assets across California and Colorado. WSRH invests in both stabilized and value-add properties; its flexible fund structure and substantial construction resources enable the firm to execute on a range of capital improvement projects.
“Our vision is to provide housing opportunities for those working in Greeley to live in the Greeley community instead of commuting. This is a chance to continue the legacy of the Bonell Campus, in a new way, for the next generations of Greeley residents,” said Jake Durling, president and CEO of Warm Springs Holdings.
Photo courtesy of Marcus & Millichap
