Commercial Property News : Greeley apartment complex sells for $6.7M

Should investing in a commercial real estate property be your next portfolio move?  Some experts in Northern Colorado say it should!

In an article written by and published on BizWest’s blog June 10, 2015, we learned that one Greeley apartment complex recently sold for for $6.7M!

Denver-based Cedarbridge Apartments LLC has acquired a 108-unit apartment complex in Greeley for $6.7 million, or $62,300 per unit.

Cedarbridge bought the Columbine Apartments at 3208 W. Seventh St. from Greeley-based J & J Enterprises Property Management LLC, owned by homebuilder Jeff Demaske.

Columbine Apartments is a garden-style apartment complex minutes from the University of Northern Colorado campus.

Jacob Steele, associate vice president investments, and Nick Steele, senior associate, both in Marcus & Millichap’s Denver office, facilitated the sale, which the real estate company announced Tuesday.

Nick Steele said despite the turmoil in the oil and gas industry, the Greeley rental market is one of the tightest in Colorado.

“Columbine Apartments will benefit from the strength of the market and an anticipated renovation of the property,” Nick Steele said.

For more information on investing in or selling your Northern Colorado property, visit With Will There’s A Way by Clicking Here.

With over 30 years service as a Project manager in the local commercial construction industry, Will understands the ins and outs of business and investment property buying and selling better than most in today’s industry.

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With values expected to increase more than 7 percent over the next 12 months, the Fort Collins-Loveland and Greeley real estate markets are both expected to rank among the top 25 for home appreciation.

In its latest market forecast, Veros Real Estate Solutions predicts the Fort Collins-Loveland area will experience an average appreciation of 7.5 percent between March 1, 2015, and March 1, 2016. In the same period, Greeley homes will increase 7.3 percent. Fort Collins-Loveland ties Coeur D’Alene, Idaho, for 15th in the Veros rankings, and Greeley is 19th.

With a projection of 9.3 percent for the Denver- Aurora-Broomfield area, and 8.4 percent for the Boulder area, Colorado’s Front Range represents four of the top 19 markets, Veros said. Nationally, the average appreciation projected for the 333 markets surveyed by Veros is 3.2 percent.

The Veros prediction comes in the wake of very strong appreciation along the Front Range in recent months. CoreLogic reported that Colorado prices increased 9.1 percent between January 2014 and January 2015, which led the nation over that time period. Locally, average home prices in Greeley increased 10.24 percent in 2014, while Fort Collins prices increased 7.53 percent, according to the FHFA Home Price Index..