CBRE Arranges $64.1 Million Sale of Garden Apartment Community in Fort Collins to California-Based Buyer.

CBRE has arranged the $64.1 million sale of Courtney Park, a 248-unit garden apartment community in Fort Collins, Colorado, to ColRich Multifamily, a private multifamily investment and development firm based in San Diego, with properties located throughout the western United States.

CBRE’s Terrance Hunt, Shane Ozment, Chris Hart and Brad Schlafer represented the seller, JRK Property Holdings, in the transaction.

“Courtney Park has always performed extremely well and shared renter traffic with much newer assets due to its strong location and unique park-like setting,” said CBRE’s Hunt. “The new owner intends to make additional improvements to the asset, which will further enhance the property’s performance. This is a great strategy in the Fort Collins market where there is strong demand and headwinds for new development going forward.”

Located at 4470 S. Lemay Ave., the property has 13 residential buildings with two or three floors each divided into one- and two-bedroom floorplans. Courtney Park was built in 1986 and updated by previous ownership after they purchased the property in 2008. Renovations include upgrades to the apartment interiors, clubhouse and common areas. Each unit features stainless steel appliances, walk-in closets, in-unit washers and dryers and a private balcony or patio. Community amenities include a clubhouse building, business center, fitness center, swimming pool, hot tub, outdoor grilling area, playground, pet park and 441 parking spaces.

Courtney Park sits directly off East Harmony Road between the major thoroughfares of South College Avenue and Timberlane Road. Residents have easy access to a variety of retail and dining options as well as outdoor recreation activities like walking trails, golf courses and parks. The property is also within a 20-minute drive of the area’s largest employers representing more than 158,000 jobs.