CBRE announced today the $840,000 sale of 2.895 acres of land, part of the Poudre Trails Development in Greeley, Colo. Julius Tabert and Jon Rue with CBRE’s Northern Colorado office represented both the seller, Greeley-based Roche Constructors, Inc., and the buyer, West C Street Lot 1, LLC, also of Greeley, in the sale that closed Oct. 31. The land is approved for development into a for-rent residential community.
“The City of Greeley continues to have a strong need for affordable housing, which the buyer recognized,” said Mr. Tabert. “Roche provided the buyer with tremendous support to get this significant project going that, in the end, will provide the community with an attractive and affordable housing alternative.”
The build out of the apartments will be completed in three phases, totaling 256 apartments with a community garden. The first phase will begin with Building 17 located at 127 North 30th Avenue. Building 17 will consist of 70 apartments with expected occupancy beginning in May 2020.
Each apartment will be an open-concept, two-bedroom, one-bath design, and include a washer and dryer in the unit as well as a balcony or patio. Additionally, there will be accessible units.
Affordable unit pricing starts at $1,275 per month with the option of adding an enclosed garage for an additional cost.
In total the Poudre Trails Development spans 8.961 acres and has been approved for 26 building pads. The site has an existing clubhouse with fenced outdoor pool area, three eight-plexes and a 12-plex for a total of 36 existing, fully-finished units, which are not part of this sale.
The addresses included in the Oct. 31 transaction are:
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127 N. 30th Ave., Greeley, CO 80631
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121, 125, 128 & 129 N 31st Ave., Greeley, CO 80631
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3005 W A St., Greeley, CO 80631
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3006 W B St., Greeley, CO 80631
The buyer negotiated further purchase options for phase 2 and phase 3 of the project and is confident to exercise them in the near future.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
