Heitman Purchases Boulder Community
- Oct 01, 2019
Global real estate investment firm Heitman has purchased The Boulders, a 161-unit community in Boulder, Colo., from Broadshore Capital Partners. Built in 1993, the property is located at 2850 Kalmia Ave., less than 25 miles northwest of downtown Denver.
The sale price was $62.5 million, according to public records cited by Denver Business Journal, which equates to $388,198 per unit. Heitman plans to renovate the units to make the property more competitive in the market. Newmark Knight Frank’s Shane Ozment, Terrance Hunt, Justin Hunt and Andy Hellman represented the seller in the deal.
Broadshore Capital Partners, then operating as Lowe Enterprises Investors, purchased the asset for $44.2 million in 2014, according to Yardi Matrix data. The nine-building property sits on an 11.1-acre site nearby major employers such as Apple, Ball Aerospace, Lockheed Martin and Google’s new campus at Pearl and 30th Streets. Part of Boulder’s 155-mile trail system also runs through the property.
In a statement, Heitman, which has $44 billion in assets under management, noted it viewed the deal as a rare opportunity to acquire a 1990s-era multifamily asset in Boulder. Apartment demand is surging in the market thanks to development constraints, the high cost of single-family homes and demographic drivers that favor renting over buying.
Trammel Crow Residential broke ground last year on Diagonal Crossing, a mixed-use community in Boulder that will offer 250 market-rate apartments, 85 affordable units and retail space. The property is located at the northern entrance of 3600 State Highway 119.