Greeley, CO – Greystone Unique Apartment Group recently sold the University Apartments, a 98-unit apartment complex located at 509 18th Street in Greeley, Colorado. The Asset received a high number of offers from qualified investors and was acquired above listing price at $7,100,000 or $72,448 per unit. The 76,150-square foot complex sold on February 15, 2017 at a 6.50% cap rate.
- Ninety-Eight (98) – 2 Bedroom / 1 Bath Units (660 square foot per unit)
- Fitness Center, Basketball Court, Children’s Playground, Student Lounge, On-Site Laundry Room
This was a one of a kind original owner asset built by the University in the late 1960’s. University Apartments sprawls over a five-acre parcel and consists of seven exterior walk up buildings. Over the last decade, University Apartments has undergone extensive capital improvements.
University Apartments is a unique sale because it requires a partnership between the buyer and the university beyond closing. Prior to going under contract, the University extensively interviewed the top two potential buyers as it was critical to select the best fit for the success of the partnership. The Buyer and University are committed to working together to make this transition the least disruptive as possible for students.
“This sale offers a true reflection of the demand for Greeley multifamily investment opportunities,” said Phil Dankner, Director of Greystone Unique Apartment Group. “After marketing the Asset for less than three weeks, the University of Northern Colorado received multiple offers. There continues to be little to no inventory for sale in the Greeley multifamily market and the student housing segment has tightened up due to an increase in enrollment year-over-year at the University. Our market outlook for similar opportunities in Greeley is that it will continue to experience a surge in investment activity” he concluded.
Image courtesy of Greystone Unique Apartment Group