Milestone Group Acquires 322-Unit Bucking Horse Apartments in Fort Collins
The Milestone Group completed its December purchase of Bucking Horse Apartments, a 322-unit garden-style community in east Fort Collins. The acquisition signals continued institutional investor appetite for the city's constrained rental market.
The Dallas-based firm cited Fort Collins' tight rental market—characterized by 95% occupancy and limited pipeline supply—as a key draw. Milestone Vice President of Acquisitions Rich Ritter pointed to the property's "exceptional access to regional employment centers" and the Fort Collins market's "strong fundamentals for growth" as primary drivers of the acquisition.
The Bucking Horse property sits within a 160-acre master-planned community on the city's east side, surrounded by single-family homes averaging $800,000. That positions renters in one of Fort Collins' most expensive neighborhoods. The purchase price was not disclosed.
Major job-creating investments are fueling demand, including Marvel Fusion's $150 million laser research facility, a 3.5 million-square-foot Amazon robotics facility, Colorado State University's Future Technology building, and the expansion of the USDA facility following Fort Collins' designation as a regional hub city.
The property has maintained low vacancy in the tight market, averaging 4.8% since 2022, according to Newmark, which arranged the sale and financing. Newmark Research reports Fort Collins' long-term multifamily vacancy below 5%, underscoring the market's structural tightness.
Rents have surged over the past decade. According to City of Fort Collins cost-of-living data, HUD's 40th-percentile one-bedroom fair market rent climbed from $615 in 2012 to $1,257 in 2022—a 104.4% increase over the decade.
Limited single-family inventory is driving prospective homebuyers to rentals. Fort Collins' December 2024 snapshot showed 1.8 months of single-family supply and a median sale price of $595,000.
Milestone's acquisition is part of a broader strategy targeting suburban markets experiencing strong demographic growth fueled by domestic migration and job creation in technology, healthcare, and education sectors.
Bucking Horse offers one-, two-, and three-bedroom units alongside three-bedroom garage townhomes, designed to encourage walkable, neighborhood-style living within its master-planned community.