Value-Add Apartment Community in Windsor Receives Multi-Offers, Buyer Plans Extensive Renovations
Chestnut Square Apartments, a 116-unit multifamily property located at 601 Chestnut St in the town of Windsor, approximately 15 miles outside of Fort Collins, has sold for an undisclosed price. The property was acquired by 601 Chestnut, LLC from the Jones Family Trust and plans to reposition the property through an extensive renovation program including unit and building upgrades, improved amenities and updates throughout the campus.
Jared Goodman, CCIM, SIOR and Brian Mannlein with Cushman & Wakefield represented the seller in the transaction.
“Chestnut Square was a great opportunity to acquire a value-add apartment property situated in a desirable neighborhood and with a lot of upside potential. We received tremendous investor interest in this asset with multiple offers from around the country,” said Jared Goodman.
Brian Mannlein added, “The buyer’s renovation plan will elevate the property’s appeal for current and prospective tenants and overall market position, while also helping to fulfill the demand for modern, amenitized multifamily space in Windsor, one of the fastest-growing communities in northern Colorado.”
Chestnut Square Apartments is situated on ±6 acres and consists of one- two- and three-bedroom units. Originally constructed in 1972, the property most recently underwent a multi-million-dollar capital renovation in 2008.
The location provides easy access to Fort Collins, Loveland, Greeley and Interstate-25, and is close to schools, shopping, entertainment and great employment options.