DENVER, CO - CBRE has facilitated the sale of Alvista Harmony, a 280-unit garden community in Fort Collins, Colorado, to Green Leaf Partners Management, Inc.
Shane Ozment, Terrance Hunt, Andy Hellman, Justin Hunt, Chris Hart and Brad Schlafer of CBRE represented the seller, an affiliate of Phoenix Realty Group and its joint venture partner.
Located at 2002 Battlecreek Dr., this two- and three-story, 16-building property consists of one- and two-bedroom units with an average size of 924 sq. ft. All units contain walk-in closets, a private balcony or patio and a washer and dryer. Amenities include a clubhouse, business center, fitness center, swimming pool, hot tub, grill station, playground, pet park, dog wash, on-site bike storage, 380 surface parking spaces and 96 detached garages.
“Fort Collins is one of the strongest multifamily markets in the mountain region driven by its strong job market, quality of life and difficulty to develop new apartments.,” said CBRE’s Terrance Hunt. “Alvista Harmony provides a great opportunity for Green Leaf to continue a value-add renovation strategy that Phoenix Realty Group has proven successful.”
The property was built in 1999 and acquired by an affiliate of Phoenix Realty Group and its joint venture partner in 2019. Since the acquisition, Phoenix Realty Group has completed renovations to the clubhouse and common areas along with fully renovating 116 units (41%). Previous ownership upgraded 52 of the units, with 42 additional units including finish levels comparable to the classic interior scope.
“Given the difficulties to build housing throughout the region, the market boasts exceptional multifamily fundamentals, especially throughout 1980’s and 1990’s vintage apartment communities like Alvista Harmony,” said CBRE’s Chris Hart. “The property has continuously operated at a high level, and prior ownership continued to enhance the property through a variety of unit interior renovation scopes and improvements to the amenities and the property’s park-like setting.”
Alvista Harmony is near the intersection of Timberline Road and East Harmony Road, offering residents easy access to multiple retail and dining options along both Harmony Road and College Avenue. The community is also near some of Fort Collins’ largest employers, such as UCHealth Harmony Campus, the HP Campus and Intel, among others located along the Harmony Business Corridor.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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.