Colorado-Real-Estate-Journal_300891

Office 6 Industrial 10 Multifamily 14 Retail 18 Finance 22 Law & Accounting 26 CDE News 32 Who's News 48 National expansion Dollar General to build 900k-sf facility in Aurora INSIDE Affordable housing Apartment project underway in Breckenridge Breaking ground New Class A office is underway in Cherry Creek North 8 14 10 FEATURED Project update Developers provide new insights into Cherry Creek West project 6 CONTENTS SEPTEMBER 7-20, 2022 by Jenna Walters BOULDER – A Nashville- based full-service real estate investment firm acquired a value-add student housing property in Boulder with sig- nificant improvement plans for the asset. Brickstone Partners pur- chased Kensington Apart- ments, the 164-unit stu- dent housing community at 2950 Bixby Lane. The buyer acquired the asset for $50 mil- lion, or $304,878 per unit, from a family trust, which built the property in 1973 and has operated it since. Chris Epp of Walk- er & Dun- lop’s Austin, Texas, office exclusively brokered the transaction. Primarily housing students from the nearby University of Colorado Boulder, Kensington Apartments features studio, one-, two- and three-bedroom apartments. Additionally, it features a clubhouse, fitness center, pool and parking for resident use. Epp intended to widely market the property for sale, but minutes after distributing marketingmaterial, Brickstone approached with an offer, pre- empting the official marketing process. The quick response from the buyer was not surprising, as Epp anticipated significant buyer interest in Kensington Apartments, which he said presented a rare value-add opportunity in one of the country’s top student housing markets. “An asset like Kensington Apartments, whichhasn’t seen fresh ownership in decades and is located in the heart of the highly desirable Boulder Boulder student housing sells, to be updated by Jenna Walters BROOMFIELD – Sares Regis Multifamily Funds recently acquired a Broomfield apartment community with plans to reposition it. The investment firm is the newowner of TerracinaApart- ments, the 386-unit multifam- ily property on 16.5 acres at 13620 Via Varra Road. Accord- ing to public records, Sares Regis purchased the property from seller Via Varra Broom- field LLC for $190 million, rep- resenting a price of $492,227 per unit. Sares Regis declined to comment on the transaction. Built in 2010, Terracina Apartments encompasses four buildings offering one- and two-bedroom units ranging from 644 to 1,310 square feet. Community amenities at the property include a resort-style swimming pool, 24-hour fit- ness center, 15,000-sf club- house, business center and a dog park. Brian Torp of JLL’s Orange County office arranged $139.88 million in first mort- gage debt for the acquisition and planned repositioning of the property. Mesa West Capital provided the five-year, floating-rate loan. According to Mesa West Capital, Sares Regis plans to implement a capital improve- ment plan at the property, upgrading the unit interiors and common areas. “Broomfield is uniquely positioned between Denver and Boulder, pulling from those major economic engines with more affordable hous- ing options. The area’s con- sistent annual rent growth is proof of that attractive market dynamic. The planned capital improvements for Terracina Apartments will add even more value to this property,” said Mesa West Capital Exec- utive Director Josh Wester- berg, who led the origination team out of the private lend- er’s San Francisco office. s Broomfield multifamily trades for $190M Terracina Apartments will undergo improvements following its recent sale. Brickstone is investing $71 million into the acquisition and repositioning of Kensington Apartments. Please see Boulder, Page 22 Chris Epp

RkJQdWJsaXNoZXIy NzM3MDM5