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Denver-Area Apartments Fetch $350K/Unit
Apartment developer McWhinney sold the Trails at Timberline in Fort Collins, Colorado for $110 million. The multifamily community has 314 units ($350,000/unit). The rents run between $1,600 and $2,700 a month. The vacancy rate in the region is reported to be under 5%. The buyer was Benedict Canyon Equities. A Walker & Dunlop team arranged the sale and financing.
Completed in 2014, the property encompasses 11 mid-rise buildings with a mix of studios, one-, two- and three-bedroom floorplans, averaging 897 square feet. A fitness center, business center, media room, spa, pool, as well as rental office and subterranean parking are among the amenities.
Located at 2451 S. Timberline Road on a 16-acre site, Trails at Timberline is adjacent to Parkwood East, roughly 4 miles from downtown Fort Collins and some 3 miles from Colorado State University. The property is within walking distance of Foothills Mall, as well as several retail, dining and entertainment options.
