University Towers, University Commons sold in tandem deal

University Tower Apartments at 609 8th Ave. in Greeley changed hands March 30 but until now little has been known about the transaction of the hotel-turned-apartment building.

The Tribune learned Monday the building was purchased by 609 8th Ave. LLC for $6.6 million in tandem with the purchase of University Commons at 1314 9th St. by 1314 9th St. LLC for $2.7 million. Seller of both properties is Kalmani LLC, which paid $1.6 for University Towers in 2011 and $1 million for University Commons in 2012, according to public records.

“The opportunity presented itself as a good deal,” said Ralph Oristario, operating manager for the dual properties. “We operate correctly with the focus of taking care of residents and treating them fairly.”

Renovations on University Tower Apartments over the next 18 months will include both exterior and interior improvements to bring the building “up to the next level,” Oristario said. Dunmire Property Management in Colorado Springs will manage both properties.

University Towers has 59 apartments, an events center and attached restaurant recently rebranded as The Patio Pub & Grill. University Commons is a 34-multifamily unit building.

Source