North CO Community Changes Hands for $15M
- Jan 19, 2018
Alta Community Investments has purchased the 108-unit Franklin Flats in Greeley, Colo., for $15.4 million, or $142,593 per unit. The previous owners, a group of local investors, had acquired the property in May 2015 for $6.7 million from locally based J & J Enterprises, according to Yardi Matrix.
Located at 3208 W. Seventh St., the community’s nine buildings are situated near a variety of shopping and dining options on the town’s Highway 34 business route. The property was constructed in 1972 and the previous owners had extensively renovated the property in 2015 and 2016. Alta plans to continue with renovation work in the future. On-site resident amenities include a heated pool, a clubhouse with a business center and sun deck, a fitness center, a dog park and a playground.
“Franklin Flats was one of the highest-yielding multifamily opportunities I have seen come to market in Colorado in the last several years,” said Nick Steele, senior associate with Marcus & Millichap, in prepared remarks. “The property has experienced very strong operations as a result of a number of property improvements made by the seller and the rapid growth of Northern Colorado.”
A Marcus & Millichap team led by Nick and Jacob Steele—who last month closed the sale of a 267-unit luxury apartment community—represented the seller in the transaction.
Image courtesy of Yardi Matrix