Colorado Real Estate Journal -

Fort Collins student housing acquired in $31.1 million deal

by Jill Jamieson-Nichols

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A student housing community in Fort Collins that was fully occupied sold for $31.1 million, or $87,359 per unit.

Rams Village Apts LLC bought the Rams Village Apartments at 900 Constitution Ave. from the Gray RC Family LP, which developed the property on the old Colorado State University bull farm between 1989 and 1992.

“It was a beautiful complex. We were very, very proud of it,” said Pat Nabors, chief financial officer of Fresno, Calif.-based Topanga Management Co. Topanga managed the property for the Gray family, which Nabors said is “slowing down” and liquidating its larger assets.

According to Apartment Insights, the property is made up predominantly of two-, three, and four-bedroom units and also has 44 one-bedroom apartments.

Units range from 600 to 1,418 square feet, for an average of 1,046 sf.

The property includes some furnished units. There also are units with balconies or patios, private entries, storage rooms and/or walk-in closets, according to Apartment Insights. Community amenities include barbecue facilities, a clubhouse, heated swimming pool, computer room and laundry room.

Ryan Tidemann of Tidemann Properties, who was a partner in the acquisition, declined to comment on the transaction.

Other News

Berthoud International LLC bought an 11,816-square foot office building at 4775 Larimer Parkway in Johnstown for $800,000. Points West Community Bank was the seller.

Sperry Van Ness/The Group Commercial LLC. broker Mike Eyer represented the buyer, an investor. Julius Tabert and Jerry Chilson, also of SVN/The Group, represented the seller.

Shan I LLC paid $700,000 for 6.4 acres of land at the southeast corner of 25th Street and 46th Avenue in Greeley. The seller was Dexter Development.

Cassidy Turley Fuller Real Estate brokers Jim Capecelatro, Mike Kboudi and Russell Baker represented the seller.

First National Bank sold a 6,232-sf retail/office building at 209 Main St. in Mead to John A. Hartman for $558,000.

Julius Tabert and Mike Eyer of Sperry Van Ness/The Group Commercial handled both sides of the transaction.

Hitachi Metals America Ltd., a metals products research and-development company, leased 2,400 sf of office space at 2637 Midpoint Drive, Suite F, in Fort Collins.

Kyle Lundy of Sperry Van Ness/The Group Commercial LLC represented the tenant. John Slack of W.W. Reynolds Cos. represented the landlord, River Center 30 Partnership LLP.

A Best Friend LLC (also known as Pet City) signed a lease for 1,403 sf of retail space at 3680 S. College Ave., Suite 10, in Fort Collins.

Bill Reilly of Sperry Van Ness/ The Group Commercial represented the pet supplies retailer in the transaction. Ross Carpenter of Newmark Merrill Mountain States represented the landlords, NMC Cottonwood LLC and Shane Tower LLC.