North Colorado Asset Commands $110M

Trails at Timberline. Image courtesy of Walker & Dunlop

A Walker & Dunlop team has arranged the sale and financing for Trails at Timberline, a 314-unit, Class A community in Fort Collins, Colo., on behalf of both parties. According to Yardi Matrix, McWhinney sold the property to Benedict Canyon Equities for $110 million. Larimer County public records show that Trails at Timberline became subject to a 10-year, $66.3 million Freddie Mac loan.

Completed in 2014, the property encompasses 11 mid-rise buildings with a mix of studios, one-, two- and three-bedroom floorplans, averaging 897 square feet. A fitness center, business center, media room, spa, pool, as well as rental office and subterranean parking are among the amenities at the LEED Silver certified property.

Located at 2451 S. Timberline Road on a 16-acre site, Trails at Timberline is adjacent to Parkwood East, roughly 4 miles from downtown Fort Collins and some 3 miles from Colorado State University. The property is within walking distance of Foothills Mall, as well as several retail, dining and entertainment options.

Managing Directors Dan Woodward, Dave Potarf, Matt Barnett and Jake Young negotiated the sale on behalf of McWhinney. Senior Managing Director Trevor Fase and Managing Director Mark Grace arranged the acquisition financing on behalf of Benedict Canyon Equities.

According to a prepared statement from Woodward, the Fort Collins submarket continues to exhibit strong multifamily fundamentals with a historic low average submarket vacancy of 4.62 percent.