FORT COLLINS, CO - Brickstone Partners, a full-service real estate investment and development firm located in Nashville, Tenn., announced the $81 million acquisition and renovation of 288 units comprised of the Landmark and Stone Creek apartment communities adjacent to Colorado State University.
Brickstone will embark on a comprehensive upgrade of the properties, which combined feature 288 apartment homes. The upgrades will modernize the 1986-built units and include new flooring, modern kitchen and bathroom cabinets, quartz countertops, stainless steel appliances, upgraded doors, new lighting and plumbing fixtures, exterior landscaping, common-area improvements and clubhouse finishes.
"We are excited to add these assets to our extensive Colorado student housing portfolio. 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," said Daniel Otis, founder and principal at Brickstone Partners. "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."
Landmark and Stone Creek are just minutes from campus and provide quick access to numerous dining, shopping and entertainment destinations. Among the nearby popular attractions are Canvas Stadium, home to the CSU Rams football team; North Campus West retail district; and the $313 million Foothills Mall anchored by H&M and Nordstrom Rack.
The communities are highly amenitized and include heated saltwater pools, club-quality fitness centers, dog parks and numerous outdoor spaces.
"When our renovations are complete, Landmark and Stone Creek will offer a premier living experience that exceeds the expectations of our residents," Otis said. "This investment is a continuation of our core investment philosophy: To invest in opportunities that have asymmetric risk and reward, whereby, generating opportunistic yields with less risk than normal."
Brickstone's acquisition of the two communities comes on the heels of the company's completion of LakeHaus, a $115 million, 200-unit luxury multifamily development in Minneapolis, Minn., and The Lodge, a 371-bed student housing value-add acquisition in Boulder, Colo., near the University of Colorado. Brickstone is one of the largest student housing operators in Boulder, Colo.