Apartment Investors Look To Exurban Colorado
Denver isn't the only place in Colorado where investors are hot for mixed-use. Recently a New Mexico buyer acquired the 27-unit Lincoln Hotel Apartments in the Downtown Loveland Historic District.
The property presented an opportunity to capture a piece of Loveland's storied past, but also part of the city's emerging future, says CBRE's Mike Eyer, of the Fort Collins office, who facilitated the sale along with colleague Julius Tabert.
The buyer was Little Red II LLC of Santa Fe, while the seller was a local LLC that had been renovating the property for more than a decade. Julius and Mike are seen here at 14,197 feet on top of Mount Princeton.
The Lincoln Hotel Apartments dates from 1906, and includes four ground-floor retail spaces that are fully leased. The buyer, according to Julius, will work with the Community Partnership Office of the City of Loveland to help the historic property continue to meet the need for affordable housing in the area.
The site is part of the new Downtown Loveland revitalization project known as The Foundry, which is transforming three historic blocks into public spaces, apartments, offices, retailers and parking to support the Downtown area’s rise as a center for local entertainment.