Real estate investment and development firm Brickstone Partners has acquired Kensington Apartments, located next to the University of Colorado at Boulder. The company intends to launch a comprehensive, two-year renovation program with the objective of fully upgrading and modernizing the community. In total, the company will spend $71 million on the acquisition, upgrade and repositioning.
Located at 2950 Bixby Lane, the 163-unit, three-story, building was completed in 1973 and features studio and one- through three-bedroom apartments measuring 520 to 1,600 square feet. Features of residences include large closets, private entries, free Wi-Fi and in select units, private balconies or patios and fireplaces. Among common-area amenities is a fitness center. Occupancy stood at 99.4 percent at the time of sale.
The renovation plan will include upgrading unit interiors such as cabinetry, countertops, appliances, flooring, lighting and plumbing fixtures. Brickstone also plans to substantially improve the amenities, clubhouse and exterior landscaping.
Kensington Apartments is located in the Baseline Sub neighborhood, which is home to the University of Colorado Boulder East Campus. The neighborhood includes parks, bike corridors and trails. The property is a 3- to 10-minute walk from three different shopping centers. Parks and recreation attractions within a 5-minute drive include the University of Colorado Museum, Sommers-Bausch Observatory and Andrews Arboretum. The property is a 3-minute drive from the University of Colorado Boulder and a 4-minute drive from the University’s East Campus.
Three months ago, RangeWater announced plans to develop Lupine, a single-family rental community 13 miles from Boulder.