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April 5-18, 2017 - Page 21 COLORADO R EAL ESTATE JOURNAL
Larimer & Weld Counties
by Jill Jamieson-Nichols
The University of Northern
Colorado achieved more than
the asking price for a student
housing complex it had owned
since 1967.
The buyers, a pair of North-
ern Colorado investment groups
put together by the Schuman
Cos., will continue operating the
98-unit University Apartments
as student housing.
The apartments are located
two blocks from campus at 509
18th St., across the street from
Jackson Field. They were listed
for sale at $7.06 million and sold
to Bears Village LLC and MMP
Ventures LLC for $7.1 million.
The cap rate was 6.5 percent.
UNC’s board of trust-
ees authorized the sale of the
76,150-square-
foot prop-
erty last year.
The uni-
versity said
even though
e n r o l lme n t
is up, it can
meet housing
demand by
accommodat-
ing more than
3,000 students in 16 other resi-
dence halls.
The University Apartments
buildings have some exterior
deferred maintenance, and,
“They thought that they could
sell the asset and take some of
that money and reinvest it to
help more students,” said Phil
Dankner, director of Greystone
Apartment Group.
According to the Greystone
UniqueApartmentGroup,which
handled the sale, the transaction
was unique because it involved
a partnership between the buyer
and seller that extends beyond
closing. Before going under con-
tract, the university extensively
interviewed the top two poten-
tial buyers to select the best fit
and to make the transition as
smooth as possible for students.
Essentially full at the time of
the sale, University Apartments
was developed by the univer-
sity. It consists of two-bedroom,
one-bath units of 660 sf in seven
walk-up buildings. There also is
a fitness center, basketball court,
student lounge, on-site laun-
dry room and children’s play-
ground. The site comprises five
acres.
“This sale offers a true reflec-
tion of the demand for Greeley
multifamily investment oppor-
tunities,” said Dankner. “After
marketing the asset for less than
three weeks, the University of
Northern Colorado received
multiple offers. There continues
to be little to no inventory for
sale in the Greeley multifamily
market, and the student housing
segment has tightened up due
to an increase in enrollment year
over year at the university.”
According to Dankner, who
handled the deal with Greystone
Unique’s Adam Riddle, the Uni-
versity Apartments is the first
UNC-operated property the uni-
versity ever sold and the only
student housing community to
trade in Greeley in the last 12 to
18 months.
“Student housing properties
of any size (more than 15 units)
don’t trade very often, andwhen
they do, it’s a frenzy because
the university continues to grow
and there’s always a need for
student housing." Because there
hasn’t been a lot of new mul-
tifamily construction, “There
are a lot of people looking for
housing, so that puts pressure
on students,” he said, adding
the buyer will have “no issues”
keeping the property filled.
The university said in a state-
ment that it interviewed mul-
tiple national brokerage firms
to represent it in the sale of Uni-
versity Apartments and selected
Greystone Unique Apartment
Group “because of their thor-
ough approach and expertise in
the market.”
“Greystone Unique Apart-
ment Group was able to achieve
a favorable sales price with no
surprises in the process,” it said.
Other News
■ Lincoln Hotel Apartments
LLC bought a multifamily prop-
erty at 419 and 421 E. Seventh
St. in Loveland as part of a 1031
exchange.
Marge Voight sold the prop-
erty for $1.65 millon in an off-
market transaction.
It consists of 10 apartment
units, a house and storage units
that are rented mostly to apart-
ment residents.
Located in downtown Love-
land, the property has been well
maintained and will continue
to be operated as is by the new
owner, said Jon Rue of CBRE’s
Northern Colorado office. Rue
handled both sides of the trans-
action with CBRE’s Mike Eyer
and Julius Tabert.
The sale was part of an
exchange for the Lincoln Hotel
Apartments in Loveland, which
sold in October.
■ Pinnacle Agricultural Hold-
ings LLC leased the 26,159-sf first
floor of a new office building at
1880 Fall River Road in Centerra.
The company is relocating
within the master-planned busi-
ness park in Loveland.
Cobey Wess of SVN/Denver
Commercial-Northern Colora-
do Division represented the ten-
ant. Ron Kuehl and Ashley Stiles
of Realtec represented the owner,
Centerra Office Tech 1 LLC. ▲
Greeley 970-346-9900
Loveland 970-593-9900
Fort Collins 970-229-9900
LAND • RETAIL • INDUSTRIAL • MULTIFAMILY
OFFICE • INVESTMENT •
WE KNOW
NOCO.
THREE OFFICES SERVING
NORTHERN COLORADO
FOR OVER 30 YEARS
DOWNTOWN GREELEY OFFICE
UP TO 34,000 SF
800 ON 8TH, GREELEY
5,553 SF ON 2ND FLOOR
3690W 10TH STREET, GREELEY
2,988–8,000 SF ON 2ND FLOOR
3459W20TH STREET, GREELEY
CLASS A OFFICE CONDO UP TO
6,243 SF FOR SALE OR LEASE
7017W 10TH STREET, GREELEY
CALL CENTER/LARGE FOOTPRINT.
4,626–80,000 SF
3001 8TH AVENUE, EVANS
Phil Dankner
The University Apartments consists of seven buildings on a 5-acre site.