Purchase and Reno of Fort Collins Portfolio to Top $81M
Acquisition and renovation financing were recently arranged for the Landmark and Stone Creek Apartments, a two-property portfolio located in Fort Collins, CO. The purchase and renovation costs will total more than $81 million.
JLL secured the financing on behalf of Brickstone Partners in acquiring the portfolio through a national balance sheet lender. The loan was secured for acquisition and repositioning of the assets with significant capital investment plans for the interior and exterior of the property.
The portfolio totals 288 one-, two- and three-bedroom units. Brickstone will embark on a comprehensive renovation strategy to encompass all units at both properties. The Landmark apartments are located at 1050 Hobbit St., total 120 units and 101,184 rentable square feet, and consist of 12 two- and three-story buildings. The Stone Creek Apartments are located at 1225 W. Prospect Rd. and total 168 units with 130,520 rentable square feet and consist of 13 two-story buildings. The apartments are located less than 1.5 miles from Pineridge Natural Area.
The JLL team representing the borrower was led by Kristian Lichtenfels and Robert Bova.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.