Inland Purchases Two Colorado Communities
- Apr 11, 2016
Oak Brook, Ill.—Inland Real Estate Acquisitions Inc. acquired two multifamily properties, Miramont Apartments and Pinecone Apartments, in Fort Collins, Colo.
“The acquisition[s] of Miramont and Pinecone Apartments were great opportunities due to their location in a strong market that has limited competition,” Matthew Tice, senior vice president of Inland Real Estate Acquisitions, told MHN. “Both properties have been well-maintained and have held a very high occupancy of more than 93 percent for many years.”
Miramont Apartments features 15 buildings encompassing 45 one-bedroom and 165 two-bedroom units. Each apartment features a private balcony or patio, hardwood floors, gas fireplace, 9-foot ceilings and walk-in closets.
Almost 80 of the 210 units have been recently upgraded with new appliances, plank flooring, cabinet doors and countertops. The property offers a newly refreshed clubhouse, detached garages, fitness center, swimming pool, hot tub and dog park. It is located near a pair of golf courses, as well as bike trails.
Pinecone Apartments encompasses 13 buildings containing a total of 45 one-bedroom and 150 two-bedroom apartments. Brushed nickel fixtures, gas fireplace, private balcony or patio, washer-dryer and walk-in closets are among the features of each apartment.
Common-area amenities include a heated swimming pool, clubhouse, fitness center, business center, dog park and detached garages. Fort Collins High School, Stewart Case Park and the Power Trail are steps from Pinecone Apartments.
“When considering these two properties, we looked at both the historical operations and market growth trajectory,” Tice said. “We were attracted to these properties because Fort Collins is a strong market that has limited competition and very little development planned for the future. We were able to separate ourselves from other bidders by purchasing both properties, while most other offers were for just one of the properties.”
Another upside of the properties is their location. “Miramont and Pinecone Apartments provide residents with . . . access to great schools and excellent proximity to major employers,” Tice said.
Notable local employers, according to Tice, include Colorado State University, Hewlett Packard, Poudre Valley Health System, Agilent, Eastman Kodak Company and Anheuser-Busch.
Both properties were 97 percent leased at the time of the acquisition.
One of the few challenges confronting Inland Real Estate Acquisitions was determining “what it will cost to complete upgrades on certain units, and determining how much growth we can expect in return from those upgrades,” Tice concluded.