Colorado Real Estate Journal - February 1, 2017
A 51-unit urban apartment development in Fort Collins has changed hands for $10.2 million, according to Larimer County records. Records show Mason Street Flats LLC paid $6.43 million for Mason Street Flats at 311 N. Mason St. and $3.86 million for Mason Street Flats@210, the second phase of the development, located at 210 Maple St. The sellers were BPPL Penny Flats LLC and 210 Maple LLC, managed by Kevin Brinkman of Brinkman Partners, which developed the apartments. The buyer apparently is affiliated with Greeley-based Richmark Real Estate Partners LLC, which didn’t return a phone call about the transaction. Brinkman Partners declined to comment, citing a confidentiality agreement. Another Richmark entity owns Old Town Flats, a 94-unit community across the street. It bought that property for $19.93 million last June, according to Apartment Insights, an online multifamily database. Richmark Real Estate also owns MAX Flats in Fort Collins, according to Apartment Insights. Mason Street Flats is a four- and five-story apartment community built in 2013. It consists of studio, one-, two- and three-story apartments in which every bedroom has its own bath. Units have balconies and views. The property also includes live/work units on the ground floor, and secure underground and tuck-under parking.