Farmstead Acres - 533 CR 8
Farmstead Acres is a co-sponsored project between Poudre Bay and Waypoint Real Estate. We acquired a 9-acre industrial site with an existing 20,000 SF multi-tenant industrial building on it. The property also is bordered by residential development on three sides and has approximately 6 acres of excess land. The excess 6 acres is surrounded by residential.
The business plan was to acquire the 9-acre site. The front (north) 3-acres of the site is improved with the industrial building. We subsequently leased up the vacancy in the industrial building, and then exited the industrial building and the front 3 acres, and returned capital to equity investors. We kept the back 6 acres and are currently entitling it as “Farmstead Acres” which is comprised of single family detached and duplex lots.
Berthoud CO is a highly desirable municipality in Larimer County, CO which is in fast growing northern Colorado. Berthoud has a small-town feel, but has become a bedroom community for close by metro areas such as Boulder, Longmont, Loveland, and Fort Collins.
Poudre Bay and Waypoint are currently working through entitlements with the Town of Berthoud. We will be opportunistic in our exit from Farmstead Acres and will look at vertical development, JV’s, land contributions, and sales.