US: San Francisco-based FPA Multifamily has completed the sale of The Social Fort Collins, a 68-unit student housing community in Fort Collins, Colorado.
The Social features 68 units comprising 136 beds. The buyer is a Denver-based private equity group which acquired the property for $25.5 million, or $375,000 per unit.
Constructed in 2021, the property is within walking distance to Colorado State University and Canvas Stadium.
Bill Morkes and Craig Stack of Colliers represented the seller in the transaction. “Fort Collins is a sought-after market by multifamily investors. It’s a great place to live and the market fundamentals are very strong, it’s just difficult finding opportunities because they don’t become available very often. It’s getting very difficult to build in Fort Collins, so a brand new asset in such an irreplaceable location made The Social very attractive to investors,” said Morkes.
