Land Approved for Rental Residential Community Sells in Thornton
Almost three acres of land that is part of the Poudre Trails Development in Greeley, has sold for $840,000. The land is approved for development into a for-rent residential community.
Julius Tabert and Jon Rue with CBRE’s Northern Colorado office represented both the seller, Greeley-based Roche Constructors, Inc., and the buyer, West C Street Lot 1, LLC, of Greeley, in the sale that closed Oct. 31.
“The City of Greeley continues to have a strong need for affordable housing, which the buyer recognized,” said Mr. Tabert. “Roche provided the buyer with tremendous support to get this significant project going that, in the end, will provide the community with an attractive and affordable housing alternative.”
The build out of the apartments will be completed in three phases, totaling 256 apartments with a community garden. The first phase will begin with Building 17 located at 127 North 30th Avenue. Building 17 will consist of 70 apartments with expected occupancy beginning in May 2020.
Each apartment will be an open-concept, two-bedroom, one-bath design, and include a washer and dryer in the unit as well as a balcony or patio. Additionally, there will be accessible units. Affordable unit pricing starts at $1,275 per month with the option of adding an enclosed garage for an additional cost.
In total the Poudre Trails Development spans 8.961 acres and has been approved for 26 building pads. The site has an existing clubhouse with fenced outdoor pool area, three eight-plexes and a 12-plex for a total of 36 existing, fully-finished units, which are not part of this sale.
The addresses included in the Oct. 31 transaction are:
- 127 N. 30th Ave., Greeley
- 121, 125, 128 & 129 N 31st Ave.
- 3005 W A St., Greeley
- 3006 W B St., Greeley
The buyer negotiated further purchase options for phase 2 and phase 3 of the project and is confident to exercise them in the near future.