Steadfast Apartment REIT, a publicly registered non-traded real estate investment trust, purchased PeakView by Horseshoe Lake, a 222-unit apartment community in Loveland—a submarket within Colorado’s Fort Collins metro area—for $44.2 million.
“We are very pleased to expand our presence in Northern Colorado in what we believe is a very strong multifamily submarket where year-over-year rents grew 14.1 percent during the second quarter of 2015,” said Ella Shaw Neyland, president of Steadfast Apartment REIT.
Constructed in 2002 on approximately 14 acres, PeakView by Horseshoe Lake is currently a 90 percent occupied community that offers one-, two- and three-bedroom apartment homes that average 961 square feet with average in-place rents of $1,338.
Individual unit amenities include kitchen islands, walk-in closets, fireplaces, central air and heat, and washing machines and dryers. Community amenities include a pool, hot tub, fitness center, business center/conference room, dog park, playground, clubhouse and a sand volleyball court.
Steadfast Apartment REIT will implement a modest value enhancement program at the property. All apartment interiors will be upgraded with stainless steel appliances, new kitchen and bath countertops, lighting, plumbing hardware and flooring. Select enhancements will be made to amenities and common areas, including upgrades to the clubhouse, fitness center and the dog park.
Strategically located near Highway 287, PeakView by Horseshoe Lake provides residents with easy access to both the Fort Collins and Denver central business districts. In addition, Colorado State University, which employs more than 6,500 people and has 25,000-plus students, is less than 15 minutes from the property.
This is the fifth Colorado property for the REIT. It also owns PeakView at T-Bone Ranch in Greeley, Oasis in Colorado Springs, and Bella Terra at City Center and Hearthstone at City Center, both in Aurora. With the acquisition of PeakView by Horseshoe Lake, the REIT has acquired more than 9,500 apartment homes in 11 states, for an aggregate purchase price of $1.2 billion.
Steadfast Apartment REIT intends to acquire and operate a diverse portfolio of well-positioned, institutional-quality apartment communities in targeted markets throughout the United States that have demonstrated high occupancy and income levels across market cycles. Steadfast Apartment REIT is sponsored by Steadfast REIT Investments LLC, an affiliate of Steadfast Companies, an Orange County, Calif.-based group of affiliated real estate investment and operating companies that acquire, develop and manage real estate in the U.S. and Mexico.