Class A Colorado Asset Trades for $67M

CBRE's Dan Woodward, David Potarf and Matthew Barnett brokered the sale of North Main at Steel Ranch, a 228-unit property located in the Denver metro area.
North Main Apartments at Steel Ranch
North Main Apartments at Steel Ranch

CBRE has facilitated the sale of North Main Apartments at Steel Ranch, a 228-unit community in Louisville, Colo. Dan Woodward, David Potarf and Matthew Barnett represented the seller. In late 2018, the team also brokered the $99.5 million portfolio sale of Creekside at Palmer Park and Woodland Hills, two Colorado communities totaling 488 units.

Located at 1724 Steel St., North Main Apartments at Steel Ranch is 23 miles north of downtown Denver and 9 miles east of Boulder, Colo. The asset is within walking distance of several dining and shopping establishments. Nearby large employers include Boulder Community Hospital, CenturyLink, Oracle and Ball Corp.

Completed in 2013, the property spreads across 7.6 acres and encompasses seven buildings. The one- to three-bedroom floorplans range from 656 to 1,349 square feet. All units feature washer/dryers, while common-area amenities include a 24-hour health and fitness club, heated swimming pool, yoga studio, covered bike storage, media room and community dog wash.

“North Main is a thoughtfully built community that offers favorable rents, a convenient location for both entertainment and employment and a Class A alternative to denser surrounding areas. High home prices and rents compel many residents who work in northwest Denver to look outside the City of Boulder for housing,” Barnett, senior vice president with CBRE Capital Markets, said in a prepared statement.

Image courtesy of CBRE

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