+/- 18 Acres | Planned for 320 Apartment or Condominium Units GDP Approval up to 20 Du/Acre
LC Real Estate Group is pleased to present the opportunity to purchase +/- 18 acres for 320 multifamily units with general development plan approval, as part of the overall 1,300 unit master plan known as Ponderosa Ridge. The community is located on the northwest corner of Wilson Avenue and West 50th Street, and is a convenient drive to Fort Collins, the Harmony Corridor, Downtown Loveland, and the Highway 34 Corridor.
- The seller is offering 320 dwelling units for sale on +/- 18 acre parcel within the P1 Water Pressure Zone.
- Site plan has vested density on multifamily land for up to 20 Dwelling Units per acre for apartment or condominium product within the current master plan.
- Easy entitlement process with administrative approval of Sketch Plat and administrative approval of Final Plans.
- Attractive raw water dedication requirement estimate of 0.2444 acre feet and raw water cost of $10,019 per dwelling unit for the multifamily land based on conceptual site plan.
- Highly attractive Cash-In-Lieu building program allows for 100% Cash-In-Lieu raw water dedication at time of building permit for phased dedication by builder.
- City of Loveland water district has development friendly raw water policy and pricing that keeps Cash-In-Lieu water pricing stable and attractively priced, currently at $41,000 per acre foot.
- Ponderosa Ridge Multifamily has excellent views of the foothills and highly visible marketing window on Wilson Avenue. Developers and builders should be able to increase property values and rents attributable to these views.
- Limited new apartment product in Loveland, with occupancy at 92% to 98%. Strong average rental rates of $2.17/SF to $2.93/SF for market and age targeted apartments.
- New condominiums currently under construction in the area have starting prices at approximately $290,000-$465,000 or $246/SF-$420/SF.