Denver-Area Community Changes Hands for $77M

The developers broke local price records with the sale of the recently completed, 256-unit asset in Longmont, Colo.
Union Pointe. Image courtesy of Brinkman Real Estate

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.

Union Pointe. Image courtesy of Brinkman Real Estate

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.