Inland Nabs Colorado Asset

The Preserve at the Meadows, Fort Collins, Colo.

Fort Collins, Colo.—Inland Real Estate Acquisitions has facilitated the purchase of a multifamily property located in Fort Collins, Colo. According to Yardi Matrix, the 220-unit community known as The Preserve at the Meadows was sold to Inland by The Bailey Co. for $46 million. Senior Vice President Matthew Tice secured the deal on behalf of an Inland affiliate.

“We are pleased to have closed on this high quality multifamily property that’s located with great proximity to shopping and Colorado State University,” Tice said in a statement. “The Preserve at the Meadows is Inland’s third multifamily property in Fort Collins, we’re very happy with the market due to its strong occupancy rate, access to great schools and proximity to major employers.”

Located at 350 Riva Ridge in Fort Collins, the 10-building community features 68 one-, 134 two- and 18 three-bedroom units equipped with stainless steel appliances, full-size washers and dryers, storage areas and 9-foot ceilings. Amenities include a heated swimming pool and hot tub, playground, clubhouse, business center, fitness center, picnic areas and mountain views. The property is conveniently situated within walking distance to the Spring Creek Bike Trail and was 96 percent leased at the time of sale.

Image courtesy of Yardi Matrix