Boulder Apartments Command $19M
- Dec 21, 2017
The Bascom Group has acquired Boulder View Apartments, a 68-unit Class A apartment community in Boulder, Colo., for $18.97 million.
“Boulder View was a rare opportunity to acquire a core-plus asset from a private seller in an extremely tight market,” Scott McClave, Bascom’s senior principal, said. “The quality of the asset, proximity to employment, and market fundamentals were extremely attractive to us. Our purchase price represented a significant discount to replacement cost and recent sales comparables in the Boulder market.”
Originally constructed in 2014, the property offers studio, one- and two-bedroom floorplans, ranging from just under 600 square feet to over 1,000 square feet. Units feature modern, high-end kitchens with work islands, full overlay cabinets and self-closing drawers, quartz counter tops, stainless appliances and wood floors.
There’s a trellis deck from each unit that overlooks the community providing Flatirons mountain views.
An amenity deck consists of two fire pits, an outdoor kitchen, a heated, year-round Jacuzzi and a tub with endless swim lane and a dog run.
The Boulder View Apartments are located minutes from downtown Boulder and offers convenient access to numerous employment options, such as Google, IBM, Qualcomm, Medtronic and Lockheed Martin.
National Geographic recently ranked the city as the number one happiest place to live in the U.S. Recent reports have also pegged the demographics of Boulder as having an average household income of $122,753, with 73 percent of the population holding a Bachelor’s degree or higher.
CBRE’s David Potarf, Dan Woodward and Matt Barnett handled the listing on the property, while CBRE’s Brian Eisendrath secured a $13.3 million loan with California Bank & Trust for the buyer.
In the past dozen years, Bascom and its affiliates have acquired 32 Colorado-based multifamily properties, adding 10,782 units to its portfolio. This year alone, Bascom has finished more than $1.8 billion in multifamily transactions throughout the entire U.S.