Suburban CO Community Commands $42M
- Nov 13, 2018
CBRE Capital Markets’ Multifamily group has brokered the $44.2 million sale of Stonebridge at Twin Peaks, a 172-unit garden-style community in Longmont, Colo. Dan Woodward, David Potarf, Matthew Barnett and Jake Young represented the seller, a joint venture between Holland Partner Group and Principal Real Estate Investors. According to Yardi Matrix data, Holland Partner Group purchased the asset for $34 million in 2016 and invested in upgrading 75 units.
Located at 2424 Ninth Ave., northwest of downtown Longmont, the asset is 40 miles north of Denver. Completed in 1998, the property includes one- to three-bedroom units averaging 992 square feet, with the apartments spreading across seven two- and three-story buildings. Recently, 75 of the units were renovated. The owner upgraded the flooring, appliances, countertops, cabinet fronts and fixtures. Common-area amenities include a fitness center, business center, clubhouse, heated swimming pool, spa, laundry facilities, on-site walking path and a dog park.
“Stonebridge at Twin Peaks was attractive to investors because it is a high-quality suburban property located within the coveted Boulder County region, just a short drive from downtown Boulder and the northwest business corridor, one of metro Denver’s largest employment centers,” said CBRE Executive Vice President David Potarf.
Recently, Woodward, Potarf and Barnett arranged the $93 million sale of a 561-unit community in Denver’s Glendale neighborhood. The team worked on behalf of the seller, a joint venture of TruAmerica Multifamily and Investcorp.
Image courtesy of CBRE
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