Loveland, Colo.—Irvine, Calif.-based Steadfast Apartment REIT has acquired PeakView by Horseshoe Lake, an apartment community in Loveland, Colo. The acquisition of the 222-unit apartment property for $44.2 million means the REIT has now invested $1.2 billion in 29 apartment communities spanning 11 states.
The 13-year-old garden-style apartment community, located in an appealing submarket within the Fort Collins, Colo. metropolitan area sits on 14 acres and is 90 percent occupied. One-, two- and three-bedroom apartment residences averaging 961 square feet in size are offered at PeakView by Horseshoe Lake.
In-place rents at the community average $1,338 per month.
Among notable features of the residences are kitchen islands, walk-in closets, fireplaces, central air and heat and a washer/dryer. Among the upgrades to interiors Steadfast Apartment REIT plans are new stainless steel appliances, kitchen and bath countertops, flooring, lighting and plumbing hardware.
Residents can take advantage of a number of common-area amenities at PeakView by Horseshoe Lake, including a pool, hot tub, fitness center, business center/conference room, dog park, playground, clubhouse and sand volleyball court. The clubhouse, fitness center and dog park will all benefit from enhancements to be implemented by Steadfast Apartment REIT.
“We are very pleased to expand our presence in Northern Colorado, in what we believe is a very strong multifamily submarket where year-over-year rents grew 14.1 percent during the second quarter of 2015,” Ella Shaw Neyland, Steadfast Apartment REIT president, said.
Due to its prime location near Highway 287, the community provides residents with commuting convenience, regardless of whether they are traveling to the central business district of Fort Collins or downtown Denver.
Fewer than 15 minutes away is Colorado State University, home to more than 25,000 students and a staff of more than 6,500 employees.
With this acquisition, Steadfast Apartment REIT now has more than 9,500 apartment units in Alabama, Colorado, Georgia, Illinois, Indiana, Kentucky, Missouri, Oklahoma, South Carolina, Tennessee and Texas.
PeakView at Horseshoe Lake joins four other Colorado properties owned by Steadfast Apartment REIT.