DENVER — December 13, 2021 — Berkadia announced today the sale of and financing secured for Eleven13 Apartments, a 107-unit garden-style multifamily property located in Fort Collins, Colorado. Senior Directors Nick Steele and John Laratta, Director Tyler King and Associate Director Nate Moyer of Berkadia Denver completed the $24.7 million sale on behalf of the seller, California-based Bridge Partners, Inc.
“Eleven13 is a great asset,” said Steele. “The quality of real estate speaks for itself being located across the street from Colorado State University. Fort Collins is such a dynamic market. The interest from the investment community continues to grow with each subsequent engagement we work on there.”
Managing Director Brian Huff, also of Berkadia Denver, secured a $20 million acquisition loan on behalf of the buyer, Colorado-based Trailbreak Partners. The three-year non-recourse loan from CorAmerica Capital, LLC features a 75 percent loan-to-cost ratio, a 3.85 percent interest rate and an interest only payment schedule.
Located at 1113 W Plum St., Eleven13 Apartments features two- and three-bedroom floor plans with air conditioning and washer and dryer connections. Community amenities include a clubhouse, a fitness center, a game room, laundry facilities and a picnic area. The property affords residents convenient access to Colorado State University, Fort Collins City Park and the shops and restaurants along Route 287.