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California-based real estate investment firm Alta Community Investments has purchased Franklin Flats, a 108-unit apartment community in Greeley, for $15.4M.
At $142,593, the price per unit is the second-highest price ever achieved for a multifamily property in Greeley and is a record for properties built before 2001.
“Franklin Flats was one of the highest-yielding multifamily opportunities I have seen come to market in Colorado in the last several years,” said Marcus & Millichap Senior Associate Nick Steele, who represented the local investors who sold the property. “The property has experienced very strong operations as a result of a number of property improvements made by the seller and the rapid growth of northern Colorado.”
Alta Community Investments plans to continue renovations.
Built in 1972 and renovated in 2015-16, Franklin flats sits on 4.45 acres at 3208 West Seventh St., just off the Highway 34 business route through Greeley. Amenities at the property include a heated pool, a fully remodeled clubhouse with a business center, a lounge and a kitchen, as well as a new fitness room and a playground. There is also a dog park, a sun deck off the clubhouse and barbecue areas throughout the grass courtyards that separate the community’s buildings.
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