Colorado LIHTC Asset Sells for $37M

The buyer assumed a $22 million fixed-rate HUD loan.

Fox Meadows Apartments

Fox Meadows Apartments. Image courtesy of Yardi Matrix

Fox Meadows Apartments, a 138-unit partial LIHTC multifamily community in Fort Collins, Colo., changed hands for $36.8 million. Hendricks Communities was the property’s previous owner, according to Yardi Matrix data.

Colliers Multifamily Advisory Group’s Senior Vice Presidents Bill Morkes and Craig Stack brokered the deal for the seller and procured the private buyer. In 2020 the asset became subject to a $22 million HUD loan originated by NorthMarq Capital. The current buyer assumed the fully amortizing, fixed-rate note.

Completed in 2002, the property comprises eight two- and three-story buildings, incorporating one- and two-bedroom floorplans. Units range from 690 to 1,111 square feet and include 60 affordable homes. All apartments feature fireplaces, with select layouts also having in-unit washers and dryers. Common-area amenities encompass a swimming pool, spa, clubhouse and fitness center, along with 276 parking spaces.

Located at 3644 S. Timberline Road, the asset is close to Interstate 25, placing it 58 miles north of Denver. It is adjacent to the Collindale Golf Course and less than 5 miles from Colorado State University. The retail corridor on South College Avenue is also in the community’s proximity, providing shopping, dining and entertainment options.

Another partial LIHTC Fort Collins community, situated some 5 miles from Fox Meadows Apartments, is expecting completion later this year. First residents of the 319-unit property are expected to move in by summer 2023.

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