Lowe Enterprise Investors JV Acquires Boulder, Colo., Community
- Oct 07, 2014
Boulder, Colo.—Lowe Enterprise Investors (LEI) has announced the acquisition of a 161-unit garden-style community in Boulder, Colo., in a joint venture with an unnamed investment client. The community, The Boulders, was purchased from an affiliate of DiNapoli Capital Partners, which was represented by Doug Andrews and Jeff Hawks of ARA Real Estate Investment Services. Greystar has been tapped for management services at the community.
“LEI has been actively expanding its multifamily investment portfolio in select markets across the country over the past 12 months,” says LEI co-CEO, Brad Howe. “We continue to seek multifamily and commercial acquisitions and development opportunities nationwide, with particular interest in the West and Pacific Northwest. Boulder is among the strongest rental markets in the Western U.S. making it an attractive location for multifamily investment.”
Set on 10.25 acres, the early 1990s-built community is currently 96 percent occupied and offers a combination of one- and two-bedroom floor plan options. About 45 percent of the community’s units have been recently renovated to include upgraded finishes and flooring, as well as stainless steel appliances. Each unit includes a fireplace, walk-in closets, full-size washer and dryer and a patio or balcony. LEI intends to continue with renovating the remaining units.
LEI also plans to extend renovation efforts to the community’s common areas, recreational areas and exteriors. The current amenity offerings at The Boulders includes a 24-hour fitness center, a heated swimming pool and outdoor spa with adjacent barbecue area, as well as a dog park and business center.
“Boulder offers businesses and their employees an attractive location choice,” says Andy Sands, senior vice president of LEI. “The combination of a strong walkable urban environment and everything that Colorado offers in terms of lifestyle and recreation makes it a compelling alternative to the greater Denver metro area. “The physical and operational improvements we intend to make at The Boulders will improve the property and position it to be a leader in the market.”
Located at 2850 Kalmia Avenue, in the heart of Boulder, the community offers residents walking-distance-access to an assortment of hiking and biking trails, in addition to a variety of shopping, dining and entertainment venues.