Northern Colorado Multifamily Sale Arranged by Marcus and Millichap
LOVELAND, Colo., March 1, 2021 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of The Buttes, a 111-unit multifamily property in Loveland, Colorado. The property sold for $25.5 million, which represents $229,730 per unit.
“The Fort Collins/Loveland metro area has been the one of the fastest-growing economic regions in Colorado over the past decade and Northern Colorado’s diverse mix of industries, which includes manufacturing, high-tech and higher education, helped shield it from some of the most negative economic effects caused by the pandemic,” said Greg Price, senior director of Marcus & Millichap’s Multi Housing Division. Price and Greg Parker, senior associate, represented the seller, Blueline Equity Partners and procured the buyer, Woodspear Properties.
Completed in 1996 on seven acres, the three-story property is an hour’s drive from Denver. Shopping is nearby at the Columbine Shopping Center, and recreational opportunities are close by at the Devil’s Backbone Open Space, Blue Sky Trail, Rimrock Open Space, the Coyote Ridge Natural Area and Boyd Lake State Park. Front Range Community College and Colorado State University are within a short drive. Community amenities include Rocky Mountain views, a clubhouse, business and fitness centers, a lap pool, hot tub, detached garages and a dog park.
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About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.