FPA Multifamily has sold The Social Fort Collins, a 136-bed student-dedicated community in Fort Collins, Colo., near Colorado State University. Notch Mountain Properties paid the record price of $25.5 million for the property, equaling $375,000 per unit. The price per unit is the highest in the history of Fort Collins, according to Colliers, which represented the seller. FirstBank provided a seven-year, $15.8 million loan for the transaction, Yardi Matrix data shows.
Currently rebranded as Bighorn Landings, the 2021-built community comprises 68 units in six buildings with one-, two- and three-bedroom apartments, ranging from 501 to 1,050 square feet, with in-unit laundry facilities. Located at 1050 Hobbit St., the community is within half a mile of the Colorado State University campus and Canvas Stadium. Downtown Fort Collins, including various dining and entertainment options, is less than 2.5 miles away.
The Colorado State University market has been resilient in recent years. Most recently, it ranked in the country’s top 20 for highest year-over-year prelease growth, nearing 23.1 percent, according to a Yardi Matrix report. There is only one student housing property under construction in the market, set to add 205 bedrooms to existing inventory, the same data provider shows.
Senior Vice Presidents of Multifamily Investments Bill Morkes and Craig Stack of Colliers represented the seller. This week, FPA Multifamily also sold another three properties in Tallahassee, Fla., for $57.8 million.