A Greeley apartment community commanded the second-highest price per unit ever achieved in the city with its sale to a California real estate investment firm.
Alta Community Investments paid $15.4 million, or $142,593 per unit, for Franklin Flats, a 108-unit community on 4.45 acres at 3208 W. Seventh St. The price per unit was a record for a property built in Greeley prior to 2001.
There were multiple offers for the apartments, according to Nick Steele of Marcus & Millichap, who, along with Marcus & Millichap’s Jacob Steele, represented the seller.
A limited liability company comprised of several local investors sold the property.
“Franklin Flats was one of the highest-yielding multifamily opportunities I have seen come to market in Colorado in the last several years,” said Nick Steele. “The property has experienced very strong operations as a result of a number of property improvements made by the seller and the rapid growth of Northern Colorado.”
Availability of multifamily inventory is limited across the Front Range, and particularly in Northern Colorado, Steele noted. “Not a whole lot of 100-plus-unit properties trade in Northern Colorado on an annual basis, and this was a high-yielding, value-added deal,” he said.
Franklin Flats was near full occupancy at the time of the sale.
“It was a strong cash-flowing opportunity, and there was some additional upside remaining in the asset that the buyer could unlock going forward,” added Steele, explaining the seller had renovated many of the units in 2015-2016. “There was still a good number of units that the buyer plans to continue to renovate at the property,” he said.
The apartments were built in 1972.
Located just off the U.S. Highway 34 Business route through Greeley, the apartments are close to retail amenities. On-site amenities include a heated swimming pool; a fully remodeled clubhouse with a business center, lounge, sun deck and kitchen for resident use; a new fitness room; and playground. In addition, the property has barbecue areas in grass courtyards that separate the buildings, as well as a dog park.
