California Company Buys Loveland Apartment Buildings for $44M

A subsidiary for Irvine, a California-based real estate investment group Steadfast Cos., bought the Patina Flats apartment buildings for approximately $44 million.

The deal for the Loveland facility closed February 11.

County officials assessed the Cleveland Avenue property at $17.79 million and the Lincoln Avenue property at $10.28 million, but the properties were purchased for more than officials said they were worth.

The buildings at 296 N. Cleveland Ave. and 297 N. Lincoln Ave. in two separate transactions for $28.45 million and $15.64 million.

The Patina Flats complex is in two buildings — one facing Cleveland and the other facing Lincoln, with the outdoor plaza area of the Foundry between them, according to the Loveland Report-Herald.

The apartments were 98.1 percent occupied in January, according to Yardi Matrix data.

Steadfast also owns the PeakView by Horseshoe Lake apartments in Loveland, PeakView at T-Bone Ranch apartments in south Greeley, the Spring Hollow apartments in northeast Brighton and five other apartment buildings in Lakewood and Aurora, according to the Loveland Report-Herald.

Source: BizWest