Suburban Denver TOD Sells for $95M
- Nov 21, 2017
The 360-unit 8000 Uptown Apartments in Broomfield, Colo., has traded for $95 million, or $264,000 per unit. The seller was Scottsdale, Ariz.-based Wolff Co., which developed the property, completing it in 2015.
Private investors bought the property. Matthew Tice, senior vice president of Inland Real Estate Acquisitions Inc., facilitated the transaction, with assistance from Brett Smith, assistant vice president and associate counsel of the Inland Real Estate Group LLC.
The property consists of 19 buildings with 160 one-bedroom, 170 two-bedroom and 30 three-bedroom units. Each unit features at least nine-foot ceilings, stainless steel appliances, washer and dryer and a private balcony or patio. Common amenities include a clubhouse with coffee and beer on tap, fitness center, business center, playground, resident lounge and a resort-style heated swimming pool.
8000 Uptown Apartments is at 8000 Uptown Ave. directly off US 36 (the Denver-Boulder Turnpike). The property counts as a transit-oriented development, since it is within a short walking distance of the US 36 bus rapid transit station at Broomfield.
The property is 96 percent occupied. With this deal, Inland Real Estate Acquisitions Inc. has now facilitated the acquisition of nearly 4,000 units in metro Denver.