Virtu Investments Buys Colorado Mixed-Use Property for $151M
- Mar 17, 2021
Developer Southern Land Co. and financial partner GTIS Partners have sold the multifamily and retail components of Reve Boulder in Boulder, Colo. The $151.3 million sale was to real estate firm Virtu Investments. Located in a Qualified Opportunity Zone and bearing an address at 30th and Pearl Streets, Reve Boulder is a mixed-use property featuring 242 residential units, as well as 17,500 square feet of retail space.
The choice of apartments at Reve Boulder extends from micro and studio apartments to one-, two- and three-bedroom units, live-work residences and townhomes. Size of residences ranges from 467 square feet for a micro unit to 1,678 square feet for a rooftop penthouse. Live-work units feature office space on the ground floor, with living units above.
Common to all units at Reve Boulder are a number of features and finishes, including kitchen islands, side-by-side refrigerators, stainless steel appliances, washers and dryers and outdoors balconies and terraces. A well-manicured landscaped pool deck featuring private gazebos and flat-screen televisions is among leading amenities.
“Delivering the project on time and on budget while maintaining appropriate safety standards to protect our workers and the community (was) the biggest challenge,” Joshua Pristaw, senior managing director & head of capital markets for GTIS Partners, told Multi-Housing News. “A close partnership with the city, our partners and stakeholders was essential to deliver this positive outcome (on time) and safely.
Expansion of both its population and employment base has helped make Boulder an increasingly attractive target for real estate development. The city’s status as an innovation hub is buttressed by the presence of the University of Colorado Boulder, and a number of federally-funded research laboratories. In recent years, a number of large employers have been attracted to Boulder. They include Google, Amazon and Apple.
In this pre-finish sale, Southern Land Co., GTIS Partners and Virtu Investments intend to collaborate in the months ahead to complete construction on Reve Boulder.
Afterwards, Virtu Investments will lease and operate the property’s multifamily and retail units. Earlier this month, GTIS Partners originated an inventory loan for an apartment property on Manhattan’s Upper East Side.