The project is part of a flurry of residential development north of the Timberline and Trilby road intersection.
This initial site plan from a traffic study shows the Crowne on Timberline apartment complex proposed to be built north of the intersection of Timberline and Trilby roads in southeast Fort Collins. / Courtesy city of Fort Collins
Developers of a proposed South Timberline Road apartment project closed Thursday on the 17-acre property, clearing the way for one of the largest non-student-oriented multifamily projects in the city.
Crowne at Timberline, LP, a subsidiary of Birmingham, Ala.-based Crowne Partners, Inc., bought the site just north of Fossil Creek Parkway on the west side of Timberline for $2.75 million from Stephen and Kelly Laffey of Fort Collins. It plans to build 310 luxury units — a small fraction will be duplexes, the rest apartments — at the site north of the intersection of Timberline and Trilby roads.
“With the land having previously been zoned for apartments and with the tight supply of housing in Fort Collins, this was the right thing for our family to do for the community,” Steve Laffey said in a written statement.
The Laffeys still own nearly 20 adjacent acres, on the market for $2 million. Chrisland Commercial and The Group are marketing the property, which Chrisland principal Ryan Schaefer said has generated strong interest.
Chris Cowan of Apartment Realty Advisors represented Crowne at Timberline.
“Given the high desirability of southeast Fort Collins, lack of supply of property, and recovering housing market, we expect the remaining Laffey property to sell quickly,” he said.
With nearly record-low vacancy rates in Fort Collins/Loveland, the region has one of the strongest apartment markets in the state, Schaefer said.