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10/03/24
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Alvista Harmony, a 280-unit garden community in Fort Collins, CO, was acquired by Green Leaf Partners Management,Inc. It was sold by an affiliate of Phoenix Realty Group and a joint venture partner.
Located at 2002 Battlecreek Dr, the two- and three-story, 16-building property consists of one- and two-bedroom units with an average size of 924 sf. 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.
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 an 42 additional units having received some renovation work.
Alvista Harmony is near the intersection of Timberline Rd and East Harmony Rd, offering residents easy access to multiple retail and dining options along both Harmony Rd and College Ave. 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.
Shane Ozment, Terrance Hunt, Andy Hellman, Justin Hunt, Chris Hart and Brad Schlafer of CBRE represented the seller in the transaction.
“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 Hunt. “Alvista Harmony provides a great opportunity for Green Leaf to continue a value-add renovation strategy that Phoenix Realty Group has proven successful.”
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