According to CBRE, Landmark and Stone Creek, two multifamily properties in Fort Collins, have sold to Franklin, Tenn.-based Brickstone for $64.5 million in total consideration.
Dan Woodward, David Potarf, Matthew Barnett and Jake Young of CBRE in Denver represented the seller, Summit Management Services, in the transaction.
Landmark is a 120-unit garden-style community located at 1050 Hobbit Street. The 12-building property offers one-, two- and three-bedroom floorplans averaging 834 square feet. Stone Creek is a 160-unit garden-style community located at 1225 W. Prospect Road. The 13-building property features one- and two-bedroom units averaging 777 square feet.
In addition to extensive capital improvements made to the property recently, previous ownership renovated 90 units between the two properties, both built in 1985.
“Landmark and Stone Creek provided the buyer with a unique investment opportunity to acquire two strong value-add properties in Northern Colorado, which has seen positive rent growth, strong net absorption numbers, and stabilized vacancy of 4.3 percent—well below the Denver metro,” said Mr.Potarf. “Fort Collins has been one of the best-performing markets in the state of Colorado, driven by its high quality of life, CSU’s booming expansion, recent major corporate locations and expansions, and the revitalization of Old Town Fort Collins.”
Landmark and Stone Creek are situated immediately south of Colorado State University and within a 10-minute bike ride of the largest retail corridor in Fort Collins, spanning South College Avenue between Drake and Harmony roads. The area includes The Shops at Foothills, a 620-square-foot premium outdoor shopping mall with 120 stores. Additionally, the property is located one mile from Whole Foods and King Soopers, with Trader Joe’s also nearby.
Photos courtesy of CBRE
