Inland Real Estate Acquisitions Buys Two Colorado Multifamily Properties
Inland Real Estate Acquisitions, the purchasing arm for various Inland-sponsored programs including various Delaware statutory trust investments and non-traded real estate investment trusts, purchased two multifamily properties, Miramont Apartments and Pinecone Apartments, located in Fort Collins, Colorado. The purchase prices were not disclosed.
“We are pleased to have recently purchased these two high-quality multifamily properties that are well-located in a prime market with historically high occupancy rates,” said Matthew Tice, senior vice president of Inland Real Estate Acquisitions. “Miramont and Pinecone Apartments provide residents with desirable amenities, access to great schools and excellent proximity to major employers including Colorado State University, Hewlett Packard, Poudre Valley Health System, Agilent, Eastman Kodak Company and Anheuser-Busch.”
Miramont Apartments consists of 15 buildings containing 45 one-bedroom and 165 two-bedroom units. Each unit includes a private balcony or patio, hardwood floors, a gas fireplace, nine-foot ceilings and walk-in closets. Of the 210 units, 78 units have been recently upgraded to include new appliances, plank flooring, cabinet doors and countertops. Miramont Apartments also features a newly renovated clubhouse, detached garages, fitness center, swimming pool, hot tub and a dog park. The property is located near two golf courses and bike trails.
Pinecone Apartments is comprised of 13 buildings containing a total of 45 one-bedroom and 150 two-bedroom units. Amenities in each unit include a gas fireplace, private balcony or patio, washer and dryer and walk-in closets. The property also features a heated swimming pool, club house, fitness center, business center, a dog park and detached garages. Pinecone Apartments is within walking distance to Fort Collins High School, Stewart Case Park and the Power Trail.
As of the acquisition date, both properties were 97 percent leased.
To date, Inland Real Estate Acquisitions, Inc. has facilitated more than $41 billion of purchases including retail centers, apartments and single-tenant properties.
