Greeley getting 1st student housing
Greeley, with an apartment vacancy rate of only 1.4 percent, had the lowest vacancy rate of any major market in Colorado in the first quarter.
Only the tiny Southeast Colorado market had a lower vacancy rate, at 1.1 percent. However, owners representing only 60 apartment units responded to the most recent survey the Colorado Division of Housing.
Overall, the state had a 4.9 percent vacancy rate, the lowest in years.
“I wouldn’t compare Greeley to Southeast Colorado,” said Ryan McMaken, economist for the housing division.
“For practical purposes, you can say that Greeley has the lowest apartment vacancy rate in the state,” he said.
“The market is getting a lot of pressure on the demand side from people in the oil and gas business, as well as people in the Fort Collins area looking to the Greeley area for cheaper rents,” he said.
McMaken said he assumes that students attending the University of Northern Colorado in Greeley would be scrambling to find rental units in the Northern Colorado city’s tight market.
However, students will finally receive at least some relief in a market that is essentially has no apartment vacancies.
From 11:15 a.m. until noon on Tuesday, officials will host a groundbreaking ceremony for University Flats, the first off-campus housing for college students in Greeley, including UNC. The groundbreaking is at 1750 6th Ave., near Jackson Field.
The eight building development will bring 92 needed apartment units, which represents 262 beds to the area. It is anticipated to be open for the 2014 fall semester.
The $10 million project is being developed by Greeley Realty Investors, an affiliate of Denver-based Central Street Capital. Central Street Capital is headed by V. Robert “Rob” Salazar.
The company, among other communities, developed the Regency, converting a former hotel at 3900 Elati St. in north Denver to housing for students at the Auraria campus.
The company investments also include market-rate apartments, healthcare services, food services and retail, office and industrial properties.
The two- and three-bedroom units at University Flats will range in size from 905 square feet to 1,234 square feet. Students will have access to common-area amenities including a swimming pool, fitness room, clubhouse, barbecue area, horseshoe pit,and kitchen for events.
Rents have not yet been set.
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