ColRich Purchases Ft. Collins Rental Community for $64.1M

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.

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

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.

CBRE’s Hunt added, “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. Each unit features 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.