A California investor beat out the competition to acquire a newly completed Fort Collins apartment community for $21.83 million, or $232,181 per unit.
Warm Springs Holdings LLC bought Copperleaf Place from a Brinkman affiliate that developed the apartments in 2018. The 94-unit property is located at 3425 S. Shield St. in southwestern Fort Collins.
“It’s a really good size for a private investor,” said David Potarf, executive vice president with CBRE Multifamily Investment Properties, who represented the seller with CBRE’s Jake Young, Dan Woodward and Matt Barnett. With most new apartment communities in the 300- to 400-unit range, “It’s neat to find a 100-unit, brand-new deal for the private investor. That’s really who was looking at this.”
Just off Shields and West Horsetooth Road, Copperleaf Place offers a parklike setting close to shopping, dining and recreational opportunities. Located 2 ½ miles south of the Colorado State University campus and close to other major employers, it was well received by the market and leased up at the time of sale, said Potarf.
Consisting mostly of one-bedroom units from 617 to 792 square feet, Copperleaf Place offers 12 floor plans, from 504-sf studios to two-bedroom units up to 1,046 sf. The Class A community features stainless steel appliances, low-flow fixtures, LED lighting, full-size washers and dryers, walk-in closets, large windows, and oversized balconies and patios.
There is a fully equipped fitness center, gated community dog park, connection to the Spring Creek Trail, outdoor common areas with barbecue grills and detached garages.
Although Copperleaf Place sold to a Colorado buyer, several California investors competed for the asset. “We’re seeing a ton of buyers from both coasts, but primarily California as investors are getting a little skittish on looming rent control. So, they’re really looking at other markets, including Denver,” said Potarf. “They’re not fleeing California, but they’re diversifying.”