Newmark announces the sale of The Vibe, a 276-unit multifamily asset located at 3707 Le Fever Drive in Fort Collins, Colorado. The Vibe, a resort-style, Class A+ community, showcases distinctive views along with the most expansive amenity package in Northern Colorado, achieving the National Green Building Standard Gold certification. The property sold for $74 million–$268,116 per unit and $306.79 per square foot. Newmark Vice Chairmen Terrance Hunt and Shane Ozment represented the seller, Milestone Development Group, in the sale to Buchanan Street Partners. The buyer assumed the sellers’ existing HUD loan, avoiding a prepayment penalty of approximately $4.5 million or $16,000 per unit. This is Buchanan Street Partners second transaction with both the seller and Newmark.
“The Vibe is extremely well-located, proximate to the largest concentration of employment in Northern Colorado. The team at Milestone Development Group have once again curated a top-notch, amenity-rich resort, offering the best-in-class for today’s modern tenants,” commented Hunt.
The multifamily property’s amenities culminate in the two-story, expansive clubhouse, the outdoor and indoor components of which include: outside–a junior Olympic salt water lap pool and pool deck with eight natural gas barbeques and seating; spa, sauna and steam room; a distinct outdoor kitchen dining area; a seasonal car wash and various outdoor games–and inside–free WiFi; ample seating; a full-scale kitchen with beer taps; a large package concierge; a pet wash; a bike wash; fitness and yoga studio with spin bikes and a separate coffee shop. The high-end amenities continue into the multifamily units including plank flooring, oversized balconies with storage closets, chef style kitchens with stainless steel appliances, granite countertops, tile backsplashes, spacious pantries and USB outlets.
“The over-the-top amenities that Milestone delivered are the most thoughtful and robust package in the northern Colorado market,” said Shane Ozment, “Milestone continues to raise the bar for multifamily development in Northern Colorado.”
The Vibe is directly on the Route 16 bus line, providing connection to major retail and entertainment throughout Fort Collins. The property is located less than a minute from Harmony Business Corridor, the largest concentration of employment in Northern Colorado. According to Newmark Research, there are approximately 1,200 businesses and 23,500 jobs along the corridor in numerous business parks. The central location of the property along the corridor allows access to all of the largest employers within a 15-minute walk.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,800 professionals operate from approximately 500 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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