June 21, 2016
Inland Real Estate Group of Cos. Inc. paid $46 million to acquire the 220-unit Preserve at the Meadows in Fort Collins, CO. The Chicago buyer paid $209,545 per unit in the off-market transaction, which is a record price-per-unit for the area.
The property is located at 350 Riva Ridge Dr. in the Midtown area. Seller Bailey Co. and other entities developed the property in 2002.
“Recently, each subsequent sale of apartment communities in Fort Collins of a similar age, size and quality sets a new price-per-unit record,” said Jake Hallauer with Chrisland Real Estate Cos. “This clearly shows the strong demand for apartment investments in Fort Collins and the greater Northern Colorado region.” Haulauer teamed with Chrisland’s Ryan Schaefer to represent the seller.