Denver-based Trailbreak Partners has acquired the 107-unit Eleven 13 Apartments in Fort Collins, for $24.7 million. Built in 1966, Trailbreak Partners plans to spend more than $2 million on value-add renovations to upgrade the property.
Eleven 13 Apartments is located at 1113 W Plum St, just steps from Colorado State University. Fort Collins offers a small college-town feel with a dynamic mix of natural beauty, a variety of entertainment options, and is the third fastest-growing job market in the country.
“Fort Collins is the business center of Northern Colorado, and its economy has rapidly expanded over the last five years well above the U.S. average. In addition, Colorado State University, one of the nation’s top public research universities with more than 34,000 students, has shown exceptionally strong fundamentals throughout COVID-19, and has continued to increase enrollment at record pace,” says Doug Elenowitz, co-founder and principal, Trailbreak Partners, LLC.
The scope of renovations will include new appliances, countertops, flooring, and cabinetry, as well as common area upgrades to remove an obsolete hot tub, expand the fitness center, and install barbecue pits in courtyard spaces. Units will be renovated over an expected one-to-two-year period.
Ethan Argov, vice president at Trailbreak Partners, adds, “Eleven 13 offers unparalleled proximity to CSU at a significant discount to other housing options in the area. Most new multifamily student housing projects are being developed farther from campus and at a significantly higher price point than what is offered at the property, even after the completion of the renovation program.
