GREELEY, COLO. — Schuman Cos. has completed the sale of Bears Village Apartments, a multifamily property located at 509 18th St. in Greeley. California-based Black Point Capital acquired the asset for $12.9 million, which equates to $131,633 per unit and $193.58 per square foot.
Over the past three years, the seller repositioned the 98-unit property from a student housing community to a market-rate apartment complex, including the addition of new systems and a fitness center. Previous to Schuman Cos.’ ownership, the University of Northern Colorado owned the asset. At the time of sale, the property was 97 percent occupied, of which 27 percent were students.
Phil Dankner of Unique Properties / TNC Worldwide and Greystone-Unique Apartment Group, handled the transaction. Walter Scruggs of Black Point Capital worked with John Stewart of Grandbridge Real Estate Capital to secure acquisition financing.