Borello Acquires Denver-Area Community for $65M
The firm purchased the 197-unit community in Fort Collins, Colo. Fannie Mae provided an approximately $35.7 million acquisition loan.
Borello Asset Management has grown its Colorado portfolio beyond Denver with the acquisition of a 197-unit community in Fort Collins. The firm purchased 281 Willow from CA Ventures for $65 million. Walker & Dunlop represented the seller. Borello secured a more than $35.7 million acquisition loan from Fannie Mae, according to Yardi Matrix data.
The recently constructed 281 Willow offers studio and one- and two-bedroom units ranging from 373 to 980 square feet. The apartments have open concept living areas and include USB charging outlets and washer and dryers. Select units also have kitchen islands, patios or balconies and walk-in closets. Community amenities include a rooftop deck, resident lounge, clubhouse, fitness center and outdoor grills. The community is 94.9 percent occupied, according to Yardi Matrix data.
Located at 281 Willow St., the community is directly next to downtown Fort Collins and its many retail and restaurant options, as well as near cultural attractions like the Fort Collins Museum of Discovery and the Lee Martinez Community Park. Residents can easily commute to the area’s major employers, including UCHealth, Otterbox and HP, and are also roughly one mile from Colorado State University.
Borello’s purchase of 281 Willow represents its first property beyond Denver, where it owns two multifamily properties. Borello previously acquired The Ranch at First Creek, a 264-unit community, in 2020, and the 20-unit Domain at Wash Park in 2022. The firm’s strategy focuses on acquiring communities in Pacific Northwest and Mountain West markets that have high barriers to entry. A majority of Borello’s portfolio is located in Oregon, in cities like Bend, Happy Valley and Portland.
CA Ventures has invested in several sectors, including residential, industrial, senior and student housing. In September 2020, CA Ventures completed nine student housing communities across five states. The properties totaled 3,867 beds. More recently, the firm broke ground on a 166-unit community in New Haven, Conn., called The Archive, which is expected to see its first move-ins in early 2024.