Greystone UAG Director Phil Dankner of Unique Properties exclusively handled this transaction.
Denver, CO (April, 10th 2020) — Unique Properties, Inc. / TCN Worldwide and the Greystone-Unique Apartment Group, Colorado’s most experienced privately held, full-service commercial real estate brokerage firm, is proud to announce the sale of Bears Village Apartments in Greeley, CO for $12,900,000.
Bears Village is situated less than half a mile from the University of Northern Colorado. The 98-unit property sold for $131,632.65 per unit or $193.58/SF. Bears Village was previously owned by UNC. Over the last three years, the Seller repositioned the property from University-owned student housing to market-rate apartments. The Sellers made significant capital improvements, including new systems and adding a gym, as part of their repositioning effort.
The building was 97% occupied at the time of the sale, of which 27% were UNC students.
The Sellers were approached with an unsolicited offer by Black Point Capital, LP, a California-based investment group with a strong local presence. Although the new ownership group owns a number of assets throughout Colorado, this was their first purchase in Greeley. [With a lead identified by Phil Dankner of Unique Properties, Jacob Durling, BPC’s Managing Director, “identified the combination of Greeley’s strong working-class employment base, the historic interest rate environment, and the recent capital upgrades and strong stabilized performance at Bears Village as presenting a unique acquisition opportunity in an increasingly competitive Northern Colorado marketplace.”
Walter Scruggs, Director of Finance for Black Point Capital, LP, secured financing through John Stewart at Grandbridge Real Estate Capital. Stewart’s team was able to underwrite and close a CME loan through Freddie Mac quickly, even accommodating the Buyer’s request to accelerate closing and thus avoiding the significant changes to agency debt related to COVID-19.
The Seller Philip Schuman of Schuman Companies, Manager of Bears Village, stated, “We are proud of the progress we made on this asset and excited to watch the new owners take it to the next level. This sale will allow us to continue our mission of being a diversified commercial, office, residential development company.”
Phil Dankner, who acted as a transaction broker on the deal, noted that “This transaction really came together nicely, and we were extremely fortunate that the Buyer was able to secure such incredible debt prior to the changes in agency lending. Greeley truly is a multi-industry city that is anchored by the University of Northern Colorado and continues to provide fantastic returns to our clients looking to move capital out of the Denver Metro Area.”
To schedule an interview regarding this transaction please contact Philip Dankner.
About Unique Properties, Inc. / TCN Worldwide
Unique Properties, Inc. / TCN Worldwide is Colorado’s most experienced, privately held, full-service commercial real estate brokerage firm, providing solutions for a full range of property types including office, industrial, retail, land, and multifamily. Unique Properties, Inc. provides clients with local know-how on a global scale through our association with TCN Worldwide, an affiliation of independent real estate firms in more than 200 markets with 62 offices in eight countries, throughout in North and South America, Europe, and Asia. The combination of Unique Properties’ global resources, creative solutions, experience, and strong leadership has resulted in production volume locally of over 300 commercial real estate transactions in 2016. We have been operating successfully for over 40 years and are acknowledged as an industry leader, providing services at the caliber of a global leader while maintaining the personal attention of a focused, privately owned firm committed to trust and excellence. For more information about the services provided by Unique Properties, Inc. / TCN Worldwide, please visit uniqueprop.com.
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