The Social Fort Collins, a 68-unit, 136-bed student housing facility constructed in 2021, has sold for $25.5 million ($375,000 per unit and $476 per square foot), to a private equity group based in Denver. The Social is located at 1050 Hobbit St S103, within walking distance of the Colorado State University campus as well as the newly constructed Canvas Stadium.
Bill Morkes and Craig Stack of Colliers Multifamily Advisory Group represented the seller, FPA Multifamily, an Institutional Multifamily Investment Company based in San Francisco in the sale.
“Fort Collins is a sought-after market by multifamily investors,” said Mr. Morkes. “It’s a great place to live and the market fundamentals are very strong, it’s just difficult finding opportunities because they don’t become available very often.”
“It’s getting very difficult to build in Fort Collins, so a brand new asset in such an irreplaceable location made The Social very attractive to investors,” added Mr. Stack.
The sales price represents the highest price per unit ($375,000) and price per square foot ($476) arms-length sale in the history of Fort Collins.
