Overview
Marcus & Millichap is pleased to present 1629 Azalea Drive, a fully renovated multifamily asset located in one of Fort Collins’ most desirable residential corridors. Situated just minutes from the renowned Horsetooth Reservoir, the property benefits from immediate access to some of Northern Colorado’s most sought-after outdoor recreation amenities, including boating, hiking, mountain biking, and open space trails. The asset features an attractive unit mix comprised entirely of spacious three -bedroom units, a highly desirable layout that appeals to families, roommates, and long-term residents seeking larger living accommodations.
Current ownership has completed extensive renovations throughout the property, creating a turnkey investment opportunity with limited near -term capital requirements. In addition to its renovated condition, investors are presented with a compelling value -add opportunity through the continued growth of rental rates toward market levels. Combining a premium Fort Collins location, large three -bedroom floorplans, modernized interiors, and operational upside, 1629 Azalea Drive of fers investors the opportunity to acquire a high-quality asset positioned for both stable cash flow and future income growth.
Investment Highlights
FULLY RENOVATED ASSET WITH LIMITED NEAR-TERM CAPITAL
REQUIREMENTS
Current ownership has completed extensive interior and exterior renovations, creating a turnkey investment opportunity for new ownership. The upgraded condition minimizes deferred maintenance and capital expenditure risk while allowing investors to focus on operational execution and cash flow growth rather than renovation projects.
HIGHLY DESIRABLE ALL THREE-BEDROOM UNIT MIX
The property features an increasingly scarce unit mix comprised entirely of three-bedroom residences. Larger floorplans appeal to families, roommates, and long-term renters seeking attainable alternatives to homeownership, resulting in a broader tenant pool, reduced turnover, and strong demand relative to smaller unit types.
EXCEPTIONAL WEST FORT COLLINS LOCATION NEAR HORSETOOTH
RESERVOIR
Located minutes from Horsetooth Reservoir and the foothills, 1629 Azalea Drive offers residents immediate access to Northern Colorado’s premier outdoor recreation amenities, including boating, paddleboarding, hiking, mountain biking, and open space trails. The property also benefits from proximity to Colorado State University, major employment centers, and the retail and dining destinations of Midtown and Old Town Fort Collins.
EMBEDDED RENT GROWTH THROUGH OPERATIONAL UPSIDE
Despite the property’s renovated condition, current rents provide investors with the opportunity to further optimize revenue through strategic rent increases as leases roll. New ownership can capitalize on the property’s upgraded interiors, desirable three-bedroom floorplans, and premier location to continue narrowing the gap between in-place and market rents.
SUPPLY-CONSTRAINED FORT COLLINS SUBMARKET
West Fort Collins remains one of the most sought-after residential locations in Northern Colorado, characterized by limited multifamily development opportunities, strong demographic fundamentals, and consistently high renter demand. The combination of geographic barriers, restrictive development patterns, and proximity to outdoor amenities supports long-term rent growth and asset appreciation.
LARGE UNIT FORMAT POSITIONED FOR LONG-TERM DEMAND
As affordability challenges continue to impact homeownership across the Front Range, well-located three-bedroom rental housing has become increasingly attractive to households seeking additional space without the financial burden of purchasing a home. This dynamic positions the property to benefit from sustained tenant demand and stable occupancy over time.
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