Newly Constructed Fort Collins Student Housing Property Sells For Record Pricing
Newly Constructed Fort Collins Student Housing Property Sells For Record Pricing
[Denver, CO, Wednesday, April 27th, 2022] – Colliers Multifamily Advisory Group announced the sale of The Social Fort Collins for $25,500,000 ($375,000 per unit and $476 per square foot). The Social is a 68-unit, 136-bed Student Housing facility constructed in 2021. It’s located at 1050 Hobbit St S103 in Fort Collins, Colorado, within walking distance of the Colorado State University campus as well as the newly constructed Canvas Stadium.
Bill Morkes and Craig Stack of Colliers represented the seller, FPA Multifamily, an Institutional Multifamily Investment Company based in San Francisco in the sale. The property was sold to a private equity group based in Denver.
“Fort Collins is a sought-after market by multifamily investors” said Mr. Morkes. “It’s a great place to live and the market fundamentals are very strong, it’s just difficult finding opportunities because they don’t become available very often.”
“It’s getting very difficult to build in Fort Collins, so a brand new asset in such an irreplaceable location made The Social very attractive to investors,” added Mr. Stack.
The $25,500,000 sales price represents the highest price per unit ($375,000) and price per square foot ($476) arms-length sale in the history of Fort Collins.
About FPA Multifamily
Founded in 1985, FPA Multifamily is a real estate operating company, facilitating apartment acquisitions, dispositions, and asset management for its institutional investors. FPA Multifamily has marketplace credibility built on over three decades of investing in over 700 apartment buildings across the US. The company headquarters are located in San Francisco, with a regional office here in Denver.
About Colliers
Colliers Denver Multifamily Advisory group specializes in the disposition of multifamily assets in Colorado and the surrounding states – including market rate, affordable, senior, student, and mixed-use assets as well as land suitable for multifamily development.
