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Gallery Flats sells to Arizona buyer for $18M
LOVELAND - A nearly full apartment complex that helped drive downtown redevelopment about five years ago has sold to out-of-state investors for $18.05 million, Larimer County Assessor records show.
The seller was Gallery Flats LLC, a partnership of brothers Kevin and Scott Hearne. Their LLC bought the three-story multifamily layout in 2017 for $11.2 million from Fort Collins-based Brinkman Partners and Salt Lake City-based Woodbury Corp.
The 66-unit complex at the corner of North Lincoln Avenue and East Fifth Street has studio, 1-, 2-, and 3-bedroom units and is 95% full, according to Apartments.com.
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