ARA Newmark Closes Record Denver-Area Sale
- Apr 20, 2017
ARA Newmark closed the sale of 17*Walnut, a 26-unit community located in the East End corridor of downtown Boulder, Colo. Senior Managing Director Andy Hellman and Executive Managing Director Justin Hunt represented Boulder-based Element Properties. Rivendell Global Real Estate purchased the asset for $15.6 million, or $600,000 per unit, marking the company’s highest per-unit multi-housing trade in the state.
Located at 1539 Pearl St., at the intersection of 17th and Walnut streets, the community is situated just one block from Pearl street, offering easy access to Boulder’s more than 300 miles of bike ways. The building is also minutes away from a variety of coffee shops, dining and entertainment options and a short walk from Boulder Farmer’s Market and Alfalfa’s.
The 17*Walnut community was constructed in 2015 and features one-, two- and three-bedroom units with amenities such as Wi-Fi, coffee bar, bike storage and barbeque grills. The property is also pet friendly and offers a pet washing facility.
“Pricing of this caliber rarely, if ever, makes its way outside of Tier 1 coastal markets. This was a true testament to what great real estate in Boulder, Colorado can yield,” Hellman said in prepared remarks. “Element designed and built a remarkable property; the buyer recognized the asset’s uniqueness given its high-end finishes and irreplaceable location surrounded by million-dollar-plus homes and condos. The resulting sale price was justified by the rare opportunity to own such a centrally located, high-quality property in the high barrier-to-entry Boulder market.”
Image courtesy of 17*Walnut