California buyer adds to Northern Colorado portfolio

A multifamily property in Greeley sold for $12.9 million.

Black Point Capital LP purchased Bears Village Apartments, a 98-unit complex just blocks from the University of Northern Colorado at 509 18th St. in Greeley, from seller Philip Schuman, an owner of Schuman Cos.

Phil Dankner of Unique Properties Inc., who represented both the buyer and seller, said the property was not originally for sale, but when Black Point Capital came to the seller with an unsolicited offer, the timing and price were right.

According to Dankner, the California-based buyer added this property to a portfolio of other local apartment complexes in Fort Collins, Longmont and Boulder.

Successfully closing April 10, the buyer avoided any COVID-19-related complications.

“(The buyer) locked an incredible Freddie Mac rate,” Dankner said. “They timed the closure perfectly, so they didn’t have to have any principal interest escrow, and they were able to get it closed prior to all the new COVID-related lending requirements.”

UNC previously owned the property and used it for student housing. However, in recent years, the seller repositioned the complex to market-rate apartments, adding capital improvements, including a gym.

Schuman said he’s interested to see what Black Point Capital will do with the property next. However, Dankner said the buyer has no immediate renovations in the works due to the uncertainty surrounding COVID-19.

Featured in CREJ’s May 6-19, 2020, issue