Denver-Area Community Changes Hands for $77M
- Jan 08, 2021
A partnership of Brinkman Real Estate, Jensen LaPlante Development and Keystone Real Estate has sold Union Pointe, a 256-unit property in Longmont, Colo. Centerspace—formerly known as IRET—acquired the recently completed asset for $76.9 million, a record price for the city. Newmark represented the seller.
Union Pointe came online in 2019. A year prior to its completion, the property received $47.3 million in HUD 221(d)(4) construction financing through Wells Fargo, with a maturity date set to 2060.
Located at 1605 East County Line Road on 13 acres, the community sits at the northeastern edge of the city, 5 miles from Interstate 25. Downtown Longmont is 4 miles away, while central Denver is 38 miles to the south.
The property offers a unit mix of studio, one-, two- and three-bedroom layouts across eight buildings, according to Yardi Matrix. Amenities include a resort-style pool, a spa, grills and fire pits, as well as a clubhouse with yoga studio and co-working lounge.
The Newmark team involved in the deal included Vice Chairmen Terrance Hunt and Shane Ozment, and Executive Managing Director Chris Cowan.
In late 2020, Minneapolis-based IRET rebranded as Centerspace. The company’s portfolio now comprises 67 communities and close to 12,000 units. Last September, IRET expanded its Denver footprint with the $144.8 million purchase of a 465-unit luxury community.