FORT COLLINS, CO - Phoenix Realty Group (PRG), a national multifamily real estate fund manager, investor and operator, purchased Argyle at Willow Springs, a 280-unit Class B multifamily apartment community approximately 65 miles north of Denver, through an affiliated entity. The property was acquired with a third-party partner. PRG will operate the rental community and plans to renovate, upgrade, and modernize the property to offer an attractive option for tenants in the area.
Argyle at Willow Springs will be rebranded as Alvista Harmony under PRG's proprietary brand, Alvista Communities®. The property, built in 1999, comprises 16 three-story buildings on an 18.7-acre site. The attractive community offers amenities including a leasing center, newly remodeled clubhouse, business center, 24-hour fitness center with a separate yoga/exercise room, pool and sundeck with built-in gas grills, dog park, playground, carports and garage parking. Units include one-, two-, and three-bedroom floorplans with a washer and dryer and a fully-equipped kitchen. Top-floor units also include vaulted ceilings.
Recent renovations by the previous owner to common areas are generally attractive and will allow PRG primarily to continue the proven in-unit renovation plan and operational and rent management improvements. PRG also plans several capital improvements to expand the amenity offerings.
"After owning a number of properties in the Denver metro area, we are excited to expand to other markets in the state," said Alex Saunders, managing director of acquisitions for PRG's western United States region. "Colorado has been an area of focus for us in the past few years and we're not surprised that in November 2018, Yahoo! ranked Fort Collins as a top 10 city with the highest economic confidence. Given the strength of the local economy and robust job opportunities, Fort Collins is a compelling city for renters of all ages."
Fort Collins is a strong growth market and Colorado's fourth-largest city, which is expected to double in population by 2050, according to 2017 estimates by the Colorado State Demography Office. The area is proximate to many multi-generational employers, including Colorado State University, Intel, Hewlett Packard Enterprise, Broadcom Inc., UCHealth, and Banner Fort Collins Medical Center.
"Fort Collins has several well-known employers, a large university with over 30,000 students, and is highly attractive and livable," said PRG President Keith Rosenthal. "Residents are close to the mountains, hiking and biking, and enjoy a vibrant food and beverage culture with several microbreweries. This fits right in with PRG's focus on growth cities in places where millennials and baby boomers alike want to live."
As a result of the acquisition, PRG owns three properties totaling more than 1,000 units in Colorado. The firm previously sold two properties totaling almost 700 units in the Denver area.