Inland Closes 141-Unit CO Community Sale
An Inland affiliate acquired the suburban property situated roughly one hour north of Denver. The community was 97.2 percent occupied as of September.
By Adina Marcut
Village Gardens Apartments
Inland Real Estate Acquisitions Inc. closed the sale of Village Gardens Apartments, a 141-unit community located in Fort Collins, Colo.
Inland Senior Vice President Matthew Tice, together with Assistant Vice President & Associate Counsel of The Inland Real Estate Group David Neboyskey, facilitated the purchase on behalf of an Inland affiliate.
Built in 1973, Village Gardens offers one-, two- and three-bedroom units ranging in size from 600 to 865 square feet. The 12 two- and one-half-story buildings feature common area amenities such as:
- fitness center
- business center
- tennis court
- basketball court
- playground
- all-seasons swimming pool
- clubhouse
- business center
- laundry facilities
- dog park
Unit features include upgraded countertops, wood-style flooring, new cabinets and upgraded light fixtures. Located at 1025 Oxford Lane, approximately one hour north of Denver, the community is close to various shopping, dining and entertainment destinations including Macy’s, Cinemax Movie Bistro and XD, Warren Park, Walmart, T.J. Maxx. According to Yardi Matrix, the community had an occupancy rate of 97.2 percent as of September. Earlier this summer, the company acquired a 480-unit suburban Denver Community for $95 million from ColRich Group.
“Village Gardens Apartments marks the fourth multifamily property that Inland Real Estate Acquisitions Inc. has helped purchase in Fort Collins,” Tice said in prepared remarks. “Our familiarity with this market and the property’s close proximity to Colorado State University, various retailers and major employers made this an attractive purchase and a prime example of the multifamily acquisitions we continue to seek out.”
Image courtesy of Yardi Matrix
