Energy Slump Doesn't Bother Greeley Apartments
Has the turmoil in the oil and gas industry affected the Greeley apartment market? Not at all, Marcus & Millichap's Nick Steele tells us. Greeley's one of the tightest rental markets in Colorado (now under 5% vacancy), with a lot of owners experiencing little or even no vacancies. That's because Greeley's still a highly desirable place to live, and the local economy's diverse enough to sustain the apartment market.
Recently Nick and colleague Jacob Steele oversaw the sale of the 108-unit Columbine Apartments in Greeley for $6.7M to a private investor. Nick says the property, a garden-style complex at 3208 West 7th St, will benefit from the strength of the overall market, but also an anticipated renovation.