Greeley Apartment Sale Sets Region’s Record for Price per Square Foot
TRR Apartments, a 16-unit apartment community located at 824-828 12th St. in Greeley, has sold for $1,750,000. According to Skyler G. Cooper, regional manager of Marcus & Millichap in Denver, the sale of the asset has set a new record in the region for price per square foot.
Matthew Beverly, Boomer Beatty and Peter Standley, investment specialists in Marcus & Millichap’s Denver office, had the exclusive listing to market the property on behalf of the seller. Beverly, Beatty, and Standley also secured and represented the buyer.
“This transaction builds on momentum that the market has seen. It shows that investors are seeing strong fundamentals and that, because of this increasing confidence, they are more comfortable purchasing on pro-forma,” said Beverly, adding that the Greeley market’s “pricing and velocity is surpassing what the market saw during its boom year in 2017.”
The TRR Apartments, located less than one mile from the University of Northern Colorado, consist of two identical buildings on two separate but contiguous parcels totaling 0.29 acres. Constructed in 1972, the property offers an ideal unit mix consisting of 14 one-bedroom and two studio floor plans.
While the sale set pricing records, the new buyer is still able to participate in a value-add opportunity and is planning a $200,000 renovation that will increase projected rents.
Photo courtesy of Marcus & Millichap