Fund III

Farm Haus Apartments

Longmont,

CO

Total Required Equity
$12,924,562
Asset type
Multifamily
Investment Objective
Development
Investment Date
February 2019
Projected IRR
26.00%
Projected Net Multiple
2.72x

Investment Summary

Farm Haus Apartments is a ground-up commercial real estate multifamily development in Longmont, Colorado. The 280-unit, Class A apartment community is located on the main thoroughfare in Longmont, giving it tremendous access to retail and mountain views. Longmont is just 15 minutes from Boulder, CO and is often considered a more affordable option for renters that are unable to pay higher rents in Boulder. Local employment drivers include the UCHealth Longs Peak Hospital and a Smuckers production plant. We liked this deal because, at the time of our purchase, less than 500 apartment units had been delivered in the Northeast Boulder/Longmont submarket since 2013 and occupancy rates had averaged 98% over that time period.

Key Deal Points

Farm Haus is less than 1 mile from the UC Health Longs Peak Hospital, which will be a driver of occupancy for the property.

Less than 500 apartment units have been delivered in the NE Boulder/Longmont submarket since 2013 and occupancy rates have averaged 98% over that time period.

12% of the units will be set aside for renters making 60% of Boulder County AMI or less, which is a unique and valuable attribute in the area.

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