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Oak Brook, Illinois-based Inland Real Estate Group has acquired the 141-unit Village Gardens apartment complex in Fort Collins.
At 1025 Oxford Lane, Village Gardens is a low-density asset that sits on 13 acres with a ratio of 10.85 units per acre, giving the property an open, park-like feel.
“The boom in the Fort Collins market is driving by multiple factors, including high employment growth — up 7.4% from last year — and Colorado State University’s growing enrollment — 21.2% growth over the last decade,” said ARA Newmark Vice Chairman Terrance Hunt, who represented seller JRK Property Holdings. “The town itself is known for remarkable quality of life. These exceptional market fundamentals, as well as high occupancy at the property, helped Village Gardens achieve an impressive per-unit price for a 1970s vintage.”
Los Angeles-based JRK Property Holdings completed extensive capital improvements before the sale, including a newly renovated all-season indoor pool, a fitness center, a lounge area, a business center, a fire pit with barbecue grills, a dog park and a sand volleyball court. The property’s interiors are finished with stainless steel appliances, new cabinet faces and hardware, upgraded countertops, wood-style flooring and updated lighting fixtures.
The property is minutes from the $313M Foothills Mall redevelopment, which is anchored by Nordstrom Rack, H&M and Cinemark Movie Bistro. Mason Trail, just a mile from the property, runs parallel to College Avenue and provides bicycle and pedestrian access to CSU and other destinations.
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