Steadfast Cos. Acquires Northern Colorado Asset for $29M

The buyer financed the purchase through a Fannie Mae line of credit.
Patina Flats at the Foundry

Brinkman Partners has sold Patina Flats at the Foundry in Loveland, Colo., to Steadfast Cos. for $28.5 million, according to Yardi Matrix data. The 155-unit property traded for the first time since its completion in 2018. The new owner funded the acquisition by drawing on a $592.1 million Fannie Mae line of credit through Newmark Knight Frank. The financing is set to mature in 2033.

Located at 246 N. Cleveland Ave., the community comprises studio and one-to three-bedroom apartments in two five-story buildings completed on a 1.9-acre site. Patina Flats at the Foundry includes common-area amenities such as a bark park, a jogging trail, tennis courts and a pool. In January, the property was 98.1 percent occupied, according to Yardi Matrix data.

The property is situated within an opportunity zone, Yardi Matrix information shows, and is within walking distance of a variety of retail and dining options. Patina Flats at the Foundry is roughly 6 miles west of Interstate 25 and at a 53 miles distance south of downtown Denver.

Last, November, Steadfast Cos. spent $64 million on a luxury community in Nashville, Tenn. The 248-unit Eastside Heights was also completed in 2018.