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4470 S. Lemay Ave

ColRich Multifamily Acquires 248-Unit Courtney Park In Fort Collins From JRK Property Holdings For $64.1M
SOLDMultiFamily

ColRich Multifamily Acquires 248-Unit Courtney Park In Fort Collins From JRK Property Holdings For $64.1M

4470 S. Lemay Ave

$64,100,000

Building Size

Asset Type

MultiFamily

Closing

Jan 27, 2025

AI

The transaction involves the sale of Courtney Park, a multi-family property located at 4470 S. Lemay Ave in Fort Collins, CO. The asset consists of 248 units, priced at $64,100,000, which equates to a price per unit of $258,468. The property was built in 1986 and underwent updates in 2008, with plans for further improvements under new ownership, leveraging the strong demand in the market.

Summary of transaction details:

CBRE facilitated this transaction, demonstrating their involvement by representing both the buyer, ColRich Multifamily, and the seller, JRK Property Holdings. The brokerage played a key role in orchestrating the sale of the apartment community in a competitive market environment.

Players

Brad Schlafer

CBRE

Broker

$534.9M

vol

7 deals

Broker

Fort Collins MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.25%

Cash-on-Cash

-0.07%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93