Longmont apt. complex sells for $13.7M

A multifamily asset in Longmont sold for $13.7 million.

According to public records, Quail Housing LLC purchased the Quail Village Apartments, the 72-unit apartment complex at 321 Quail Road, from seller Quail Village LP. Taylor Froland, Dan Woodward, David Potarf, Matthew Barnett and Jake Young of CBRE represented the seller. The buyer was unrepresented. The sale was part of the buyer’s 1031 exchange.

The property, which totals 71,424 rentable square feet across 3.23 acres, was listed in January. Young said it garnered significant buyer interest, receiving 20 offers from a range of investors.

“We mostly saw private high-net-worth and exchange type buyers, but we did have some larger fund and institutional interest,” Young said.

The sale closed in June. Young said the property had a stable tenant occupancy at closing, but he could not release the official rate.

According to public records, the property has received funding through the low-income housing tax credit program, so it has a set number of units available to people earning less than 50% to 60% of the area median income. Rents for the affordable housing units are capped at a maximum of 30% of the set-aside AMI. Not all units are used for affordable housing purposes.

The property offers two- and three-bedroom apartments complete with a balcony or patio, walk-in closets, additional storage space, dishwasher, garbage disposal, and in-unit washer and dryer connections. It also features community amenities, including a business center, clubhouse, fitness center, playground, leasing office and Amazon parcel lockers.

According to Young, the seller recently made improvements to multiple units at the 20-year-old property, and he believes the buyer will continue with the renovation program, cosmetically upgrading units as needed.

The property sits across the street from the Longmont community recreation center and city museum. Located near the intersection of State Highway 287 and Ken Pratt Boulevard, it gives residents who work in surrounding communities such as Boulder, Broomfield and Loveland easy access to major commuter routes. The property also is less than a five-minute drive from major retailers and restaurants, including Safeway, Best Buy, Lowe’s Home Improvement, Panera Bread, McDonald’s and Chick-fil-A.

Featured in the August 19-September 1, 2020, issue of CREJ