DENVER — December 13, 2021 — Berkadia announced today the sale of and financing secured for Eleven13 Apartments, a 107-unit garden-style multifamily property located in Fort Collins, Colorado. Senior Directors Nick Steele and John Laratta, Director Tyler King and Associate Director Nate Moyer of Berkadia Denver completed the $24.7 million sale on behalf of the seller, California-based Bridge Partners, Inc.
“Eleven13 is a great asset,” said Steele. “The quality of real estate speaks for itself being located across the street from Colorado State University. Fort Collins is such a dynamic market. The interest from the investment community continues to grow with each subsequent engagement we work on there.”
Managing Director Brian Huff, also of Berkadia Denver, secured a $20 million acquisition loan on behalf of the buyer, Colorado-based Trailbreak Partners. The three-year non-recourse loan from CorAmerica Capital, LLC features a 75 percent loan-to-cost ratio, a 3.85 percent interest rate and an interest only payment schedule.
Located at 1113 W Plum St., Eleven13 Apartments features two- and three-bedroom floor plans with air conditioning and washer and dryer connections. Community amenities include a clubhouse, a fitness center, a game room, laundry facilities and a picnic area. The property affords residents convenient access to Colorado State University, Fort Collins City Park and the shops and restaurants along Route 287.
Fort Collins, Colo., Apartment Property Sells for $24.7Mln | CRE Direct
California buyer snags luxury apartment building in Denver (pg.16) | Colorado Real Estate Journal