Brickstone Partners Acquires 288 Multifamily Units in Fort Collins
The Nashville, TN-based firm announced the $81 million acquisition and renovation plans for the two apartment communities, situated near Colorado State University.
FORT COLLINS, CO – Full-service real estate investment and development firm, Brickstone Partners has acquired two apartment communities, totaling 288 units, situated adjacent to Colorado State University in Fort Collins, CO. The firm purchased the communities for $81 million.
The Nashville, TN-based firm will implement a comprehensive upgrade to the properties, which comprise the Landmark apartment community and Stone Creek apartment community. Through the upgrades, Brickstone Partners plans to modernize the multifamily assets, which were originally built in 1986, with new unit flooring, kitchen and bathroom cabinets, quartz countertops, stainless streel appliances, upgraded doors, new lighting and plumbing fixtures. The firm will additionally complete improvements to the properties’ common areas, clubhouse and exterior landscaping.
The community’s amenities currently include heated saltwater pools, fitness centers, dog parks and outdoor spaces.
The acquired properties are located near the university campus, Canvas Stadium, the North Campus West retail district and the Foothills Mall.
“We are excited to add these assets to our extensive Colorado student housing portfolio,” states Daniel Otis, founder and principal of Brickstone Partners. “The communities are some of the best located student housing near CSU and we welcome the opportunity to upgrade these communities to better fit the active, energetic lifestyle of the neighborhood.”
Otis adds, “Fort Collins has been featured as one of the best places to live in the country in numerous national publications for a reason – it’s an incredible place to live and to attend college. CSU continues to make strategic macro investments in their student body and campus. This strong continued investment has created notable growth both for the college and the community.”
Prior to this transaction, Brickstone Partners recently completed the $115 million, 200-unit luxury multifamily development, LakeHaus in Minneapolis, MN and the 371-bed student housing value-add acquisition in Boulder, CO.