Newmark Knight Frank Multifamily announces the sale of The Boulders, a 161-unit, multifamily community located at 2850 Kalmia Avenue, a garden asset in the coveted Boulder submarket.
Vice Chairmen Shane Ozment and Terrance Hunt, along with Executive Managing Director Justin Hunt and Andy Hellman, represented the seller, Broadshore Capital Partners, a national real estate investment firm that has invested over $9 billion in real estate assets on behalf of public pension funds, insurance companies, international and high-net-worth investors. The buyer was Heitman, a global real estate investment firm with $44 billion in assets under management.
“This was a fantastic opportunity to purchase an insulated asset in a core market,” Hunt said. “Demand for multi-family is exploding in Boulder because of the high cost of single-family homes, development constraints and demographics favoring renting over buying.” The buyer plans to further renovate the units to stay competitive in the market.
Boulder is one of the most desirable cities in America, ranked as the most educated city in the nation by Forbes, the Best City for Entrepreneurs by Livability, and the Healthiest County in America by Niche. The average list price for single family homes in Boulder is $1.77 million and the average household income is $109,000. High multifamily demand and strong barriers to entry continue to push rents and maintain a strong occupancy. Over the past 10 years, the Boulder apartment market has maintained an average occupancy rate of 95% even with the highest rents in metro Denver.
The Wonderland Creek Greenway Trail runs through the property allowing access to Boulder’s 155-mile trail system. The Boulders’ central location provides convenient accessibility to major employers such as Ball Aerospace, Lockhead Martin, Apple and Google’s new three-building campus, all under 10 minutes from the property. The property is also less than a 15-minute bike ride away from the University of Colorado Boulder, Pearl Street Mall and Twenty-Ninth Street allowing residents the best of live, work and play.
Constructed in 1993, The Boulders is one of only three 1990s vintage apartment communities in the City of Boulder. This offering was a very rare opportunity for an investor to acquire a multifamily asset in one of the best submarkets in the entire country.
About Newmark Knight Frank
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 16,000 professionals operate from approximately 430 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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