GREELEY, CO - Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, recently brokered the sale of the 96-unit Cottonwood Apartments in Greeley, CO. ARA Colorado’s Justin Hunt, Terrance Hunt, and Andy Hellman, represented the seller, an undisclosed private individual, in the transaction.
An unnamed Denver-based real estate investment company, purchased the property for $4,918,350, representing a price per unit of $51,233 or $66.11 per square foot. Terrance Hunt said, “The limited construction and tightening supply of rental homes in the market made this well maintained 1972 vintage property a strategic purchase for the buyer.”
Justin Hunt explained, “Greeley will continue to benefit from the tremendous fundamentals of Northern Colorado. We are seeing an influx of tenants who are heading east of I-25 from Loveland to find more cost effective rental options. I see the Greeley market as a great value for multifamily investors with a very strong upside for rent growth.”
The property was 99% occupied at the time of closing.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, please contact Lisa Robinson at lrobinson@ARAusa.com or 678.553.9360, or Amy Morris at amorris@arausa.com or 678.553.9366; locally, Justin Hunt at jhunt@ARAusa.com, Terrance Hunt at hunt@ARAusa.com, or Andy Hellman at hellman@ARAusa.com, or 303.260.4400.
About ARA
Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multihousing land. ARA is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in an annual production volume of $9.5 billion in real estate transactions in 2012. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com