Fort Collins’ rental market just notched another big-ticket deal as a 105-unit townhome community near Colorado State University changed hands for $40.8 million, working out to roughly $390,000 per home. Avanti Residential bought the property at 2758 Iowa Drive from Granite Capital Group. At the time of the sale, the community was about 95 percent occupied and sits only minutes from CSU and Old Town Fort Collins.
Sale details
Granite Capital Group sold the Enclave Rigden Farm townhomes to Avanti Residential, according to Connect CRE. The transaction was handled by Berkadia’s Denver investment sales team of Robert Bratley, Jack Sanders, Mike Grippi and Pamela Koster, which lists the assignment on its site.
Property specs and rents
Built in 2007, Enclave Rigden Farm is laid out as direct-access two and three-bedroom townhomes with private patios and attached garages rather than typical stacked apartments. Listings on Realtor show floor plans of roughly 1,120 to 1,280 square feet and asking rents in the low to mid $2,000s, while the community’s website for Enclave Rigden Farm lists the same address and amenities.
Seller's hold and price gain
Granite Capital Group’s portfolio notes that it acquired Enclave Rigden Farm in June 2017 for about $27.8 million, per Granite Capital Group, while the $40.8 million disposition was reported by Connect CRE. That roughly $13 million uplift over the hold period highlights how investor demand has stayed strong for stabilized suburban multifamily assets in Northern Colorado.
Local market context
Northern Colorado has seen limited new Class A apartment deliveries in Fort Collins even as demand and rents have held firm, according to regional reporting. NAI Affinity points to those supply constraints and steady absorption trends, and Avanti Residential, a Denver-based investor and operator, has a track record of buying and upgrading multifamily communities across the Mountain West and Sunbelt.
Leasing and what's next
With the community already about 95 percent leased at closing, day-to-day operations are expected to continue largely as usual while Avanti refines its business plan for the asset. Leasing and contact information remain available on Enclave Rigden Farm for prospective renters and brokers sizing up the property.
