Apartment complex in Fort Collins sells for $39 million
Last Updated: 14:51 April 21, 2014
The deal came a little more than a month after the pair sold 116 apartments at the Uptown Broadway development in Boulder for $26.9 million.
The Sanders' entity, Mountain View Terra Vida LLC, bought Terra Vida from Denver-based Milestone Development Group LLC and partner Les Kaplan, a Fort Collins developer.
Jeff Sanders said Monday that Terra Vida, located at 3707 Precision Drive, is about 95 percent occupied. The one- and two-bedroom units range in size from 780 to 1,146 square feet. They rent for $1,218 to $1,432 per month, according to information on the apartment complex's website.
Milestone has another 276-unit apartment complex just north of Terra Vida going through the development review process with the city. But Milestone development manager Carter Laing said she's not certain when that phase will break ground. Sanders added that he has no plans at this point to buy the second phase, which will have different floor plans and building types than Terra Vida per terms of the Terra Vida sale contract so that renters won't confuse the two.
Terra Vida opened in 2012. Sanders said he and his wife, who also own an apartment complex in Denver, will upgrade some of the common area amenities with things like a fire pit and built-in barbecue area.
"I really like the property," Sanders said. "I'm sold on this area. I think the Northern Colorado story is very positive. I plan on holding it for the long term. What that long term is, is tough to tell."
Terra Vida includes 10 buildings of 24 units each, plus a clubhouse and one garage for each unit. Sanders said the complex is almost the same as the 240-unit Prasanna development that Milestone Development Group broke ground on last month in Lafayette. Prasanna sits next to another similar Milestone project, Prana, which the company completed in 2010 and sold in 2012 to a California entity for $36.1 million.
Laing said Prasanna will be completed about a year from now.
The second phase in Fort Collins, she said, will be three-story buildings, with a mix of 24- and 36-unit buildings. She said it will include a clubhouse and garages similar to Terra Vida.
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