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ARCHIVED  November 1, 1996

Apartment complex to be sold

FORT COLLINS – One of the city’s newest apartment complexes apparently is close to being sold to the owners of another local multi-family project.In what is likely to be a high-priced sale, MiraMont, a 210-unit, 15-building complex, could be sold to the owners of Pinecone Apartments, according to sources in the real estate industry.
“Nothing is finalized at this point,´ said a regional manager at MiraMont. “We’re working on some things and in a due diligence period. I really can’t say more than that.”
MiraMont, at 4900 Boardwalk, is a higher-end complex that caters to professionals of all ages, said Deidre Tedford, property manager there. It sits on 14 acres and includes amenities such as a clubhouse.
Construction on the apartments began last year, and the final units were completed in July. The W.W. Reynolds Cos. built and currently owns MiraMont.
Pinecone Apartments, also built by The Reynolds Cos., are about 2 1/2 years old. They include 195 units in 13 buildings on approximately eight acres. A clubhouse also is central to Pinecone, located at 2212 Vermont Drive.
The Reynolds Cos. sold Pinecone Apartments in May 1995 for $1.3 million. The units now are owned by Pinecone-IRET Inc. of Minot, N.D.
Tedford said that at 210 units, MiraMont likely is on the larger end of the scale when it comes to apartment complexes in Fort Collins.
It also commands rents in the same range as Pinecone and The Preserve, another newer apartment project at 1212 Raintree Drive that has 276 units.
Last month, rents at the three similar complexes were as follows:
MiraMont:one-bedroom units, $625, $650.
two-bedroom units: $750, $775, $825, $875.
No three-bedroom units
Pinecone:one-bedroom units: $650, $680, $695
two-bedroom units: $765, $790, $815, $840, $865, $890.
no three-bedroom units.
The Preserve: one-bedroom units: $650.
two-bedroom units: $750, $825, $895.
three-bedroom units: $1,055.
ÿ

FORT COLLINS – One of the city’s newest apartment complexes apparently is close to being sold to the owners of another local multi-family project.In what is likely to be a high-priced sale, MiraMont, a 210-unit, 15-building complex, could be sold to the owners of Pinecone Apartments, according to sources in the real estate industry.
“Nothing is finalized at this point,´ said a regional manager at MiraMont. “We’re working on some things and in a due diligence period. I really can’t say more than that.”
MiraMont, at 4900 Boardwalk, is a higher-end complex that caters to professionals of all ages, said…

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