💲Accretive Assumable Financing: Three Fannie Mae Loans at ~70% LTV with a Blended Interest Rate of 3.05%

🏠Strong Historical Occupancy: 100% Occupied with Extremely Low Turnover Rate

📈HAP Contracts In-Place with Annual Automatic OCAF Rent Increases

👨‍👩‍👦‍👦Strong Population Growth: Greeley’s population growth has increased by more than 32% over the last decade compared to the national average of 5.5%.

💵Low Cost Basis: Sub $75K Per Unit & $130 Per Rentable SF at List Price

Camelot Apartments The Camelot Apartments is centrally located in Greeley and adjacent to the east side of the University of Northern Colorado campus, offering residents excellent accessibility to downtown Greeley and amenities in the area. Boasting a diverse unit mix of five studio units, 11 one-bedroom units, and four two-bedroom units, the Camelot Apartments caters to a wide variety of tenants that benefit from its exceptional central location, a feature not common among affordable housing assets. Originally built in 1939, the Camelot Apartments underwent a $500,000 renovation at the end of 2019 and subsequently received its RAD-2 conversion. Improvements at the property as of 2019 include a new roof, a new security system featuring biometric entries, common area upgrades, and significant unit improvements to select units including: matching appliances, granite countertops, shaker cabinets, and new hard surface vinyl flooring throughout all units.

Centennial Village & Villa 14 Apartments

Built in 1982, Centennial Village and Villa 14 are located within the Greeley MSA and consist entirely of one-bedroom units, measuring an average of 603 sq. ft. and 616 sq. ft., respectively. Both properties are designated for elderly residents, with use agreements in place until November 2032 (Centennial Village) and November 2033 (Villa 14). These agreements ensure that at least 20% of the units are affordable for tenants with very low incomes, defined as those earning at or below 50% of the Area Median Income (AMI). The units feature single-story floorplans with individual exterior entrances, and both properties sit on expansive, park-like grounds. This low-density, green space-rich environment provides a serene and unique renting experience that differentiates these properties from traditional multifamily developments, giving them a competitive edge in the market.

Investment Opportunity

The Northern Colorado Affordable Housing Portfolio presents a rare opportunity to acquire a large-scale investment in a high-growth secondary market like the Greeley MSA. For investors, this portfolio offers immediate scale with attractive assumable financing options for each property. The portfolio carries a total loan balance of $5,390,500, with a Loan-to-Value (LTV)ratio of 71.9% and a blended interest rate of approximately 3.05%. These terms are significantly more favorable compared to current financing options, making this an excellent opportunity for investors looking to establish a strong foothold in a growing market while benefiting from stable cash flow backed by government contracts.

Greeley Market Overview

The Greeley MSA, located near the foothills of the Rocky Mountains, has become an attractive destination for renters due to its high quality of life and relative affordability. While affordability has been the primary driver of demand, modest rent growth over the last decade allowed household incomes to keep pace with rent increases.

Greeley’s population has surged by more than 32% over the last decade, far outpacing the national average of 5.5%. This rapid growth, driven by Greeley's business-friendly environment, steady population increase, and low cost of living, has made the city an attractive destination for companies and skilled workers alike. Greeley has a long history in agriculture and agri-business, serving as the county seat of Weld County, one of the top agricultural producers in the nation. Today, Greeley is a leader in high-tech agriculture, vertical farming, and protein industries, with major employers such as JBS Swift & Company, Leprino Foods, Colorado Premium, and All American Pet Proteins.

While agriculture remains the dominant industry in the region, Greeley’s Professional and Business Services sector has seen significant growth. Office-using employment in this sector has increased by 13.5% over the past three years, with major employers such as State Farm, Teletech Services, and AppleOne Employment driving this expansion. The combination of a growing, diverse economy and a strong workforce has further solidified Greeley’s position as a thriving hub for both agriculture and professional services.

Greeley Unemployment Rate | Population Growth | Resilient Real Estate

Greeley’s unemployment rate has historically been lower than the national average, demonstrating the strength of its job market and robust economic fundamentals. Over the last five years, Greeley has maintained this lower unemployment rate, with the exception of a brief period in 2021 when it exceeded the national average by just 30 basis points. At the same time, Greeley’s population growth has significantly outpaced the national average, increasing by more than 32% over the last decade compared to the national average of 5.5%. This growth positions Greeley as a high-growth secondary market, with population expansion projected to continue outpacing the national rate by a factor of 3x over the next three years.

In terms of housing, Greeley has a strong track record of moderate rent growth that keeps pace with household income growth, allowing the city to maintain its relative affordability—a key driver of demand. Following the pandemic, Greeley experienced rapid growth, fueled by shifts in consumer preferences and the rise of remote work. This surge in demand was met with an inventory expansion of more than 32%, which temporarily increased vacancy rates. However, as most of the new inventory has now been absorbed, vacancy rates are starting to decline, helping the market return to equilibrium. Greeley’s combination of a strong job market, rapid population growth, and steady rent increases ensures its continued appeal as an affordable, high-growth market.

Employment in Greeley

• Agriculture

--> Home to the Headquarters of JBS Swift & Co., the World’s Largest Beef Processor

--> Major Food Production & Grocery Wholesalers: Aurora Organic Dairy, Colorado Premium Foods, Leprino Foods, and McLane

• Energy

--> Major Energy Companies in the Area: Anadarko Petroleum, Haliburton Energy Services, Noble Energy

--> Growing Alternative Energy Sector: Two Vestas Manufacturing Plants that Produce Wind Turbines