FORT COLLINS, CO – Brickstone Partners, a full-service real estate investment and development company based in Nashville, Tennessee, announced the purchase and renovation of 288 residential units for $ 81 million from the Landmark residential community and Stone Creek next to Colorado State University.
Brickstone will embark on a major real estate upgrade, comprising a combined total of 288 apartment buildings. The upgrades will modernize the units built in 1986 and include new floors, modern kitchen and bathroom cabinets, quartz countertops, stainless steel appliances, upgraded doors, new lighting and plumbing fixtures, exterior design, improvements to the common area and clubhouse finishes.
"We are excited to add these assets to our extensive Colorado student housing portfolio. The communities are among the best-located student housing near the CSU and we welcome the opportunity to improve these communities to better serve the active, energetic Adapt lifestyle to the neighborhood. " said Daniel Otis, founder and director at Brickstone Partners. "Fort Collins has been named one of the best places in the country in numerous national publications for a reason – it's an incredible place to live and go to college. The CSU continues to make strategic macro-investments in its student body and campus. This strong continued Investment has created remarkable growth for both the college and the community. "
Landmark and Stone Creek are minutes from campus and provide quick access to a variety of dining, shopping, and entertainment options. Popular nearby attractions include the Canvas Stadium, home to the CSU Rams soccer team. North Campus West Retail District; and the $ 313 million Foothills Mall, anchored by H&M and Nordstrom Rack.
The communities are very well equipped and include heated saltwater pools, club-quality fitness centers, dog parks, and plenty of outdoor spaces.
"When our renovations are complete, Landmark and Stone Creek will provide a world-class living experience that will exceed our residents' expectations," said Otis. "This investment is a continuation of our core investment philosophy: investing in opportunities with asymmetrical risk and return, which creates opportunistic returns with less risk than normal."
Brickstone's acquisition of the two communities comes immediately upon completion of LakeHaus, a luxury 200-unit and 200-unit apartment building in Minneapolis, Minnesota, valued at $ 115 million, and The Lodge, a 371-bed student housing acquisition in Boulder. Colo., Near the University of Colorado. Brickstone is one of the largest student housing operators in Boulder, Colorado.