By Molly Armbrister
Reporter, Denver Business Journal
A 26-unit apartment complex in Boulder has sold for $15.6 million, setting a new record for per-unit pricing on apartment complexes in Colorado.
17 Walnut, located at 1707 Walnut St. in Boulder, sold for $600,000 per unit, the highest-ever per-unit price in Colorado and the largest for a non-coastal asset in the U.S. since 2015, according to ARA, A Newmark Company, which represented developer Element Properties in the sale.
Element finished construction on the property in 2015. Manhattan-based Rivendell Global Real Estate purchased it.
The sale eclipses the per-unit price of both the November 2016 sale of Solana 100 Pearl for $426,332 per unit and the June 2016 sale of 1000 Speer, formerly called The Joule, for $535,714 per unit.
“Pricing of this caliber rarely, if ever, makes its way outside of Tier 1 coastal markets. This was a true testament to what great real estate in Boulder can yield,” said Andy Hellman, senior managing director at ARA.
“Element designed and built a remarkable property, and the buyer recognized the asset’s uniqueness given its high-end finishes and irreplaceable location surrounded by $1 million-plus homes and condos,” Hellman added. “The resulting sale price was justified by the rare opportunity to own such a centrally located, high-quality property in the high barrier-to-entry Boulder market.”
Brokers received several offers on the property, which is near several employment centers.
“Boulder is emerging as a key source of venture capital, and tech firms of all sizes are flocking to Colorado’s ‘Silicon Mountains’,” said Justin Hunt, executive managing director at ARA. “Twitter is moving into a new, 60,000-square foot site, and Google is building a $150 million campus to employ 1,500 people.”
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