Apartment Property on The Hill in Boulder Sells for $21.7M

949 Marine Street, Boulder. Photo: Unique Properties.

The Unique Apartment Group a division of Unique Properties, Inc / TCN Worldwide announced the sale of 949 Marine Street in Boulder for $21,710,000.

The owner, Hill House LLC, was represented by Marc Lippitt, Justin Herman, and Phil Dankner, Unique Properties, Inc. / TCN Worldwide. The buyer, Captain Corkum, LLC, was unrepresented in this transaction.

The 32-unit apartment property includes 56 bedrooms (80 bedrooms with dens and lofts included). The sale is important because apartment properties are typically priced per unit in the greater Denver area. In Boulder, they sell by the bedroom.

The 26,788-square-foot apartment building sold for $21,710,000, a 4.51% cap on the trailing profit and loss. This equates to $810.44 per foot. Unique began marketing this property for sale and found the perfect buyer who understood the UNIQUE characteristics of the Boulder Market. With the current Interest environment, Unique navigated an assumption of an existing Fannie Mae loan. Usually a lengthy process, it was circumvented by a relationship Unique had with the current lender. Captain Corkum, LLC assumed the attractive financing that the seller procured for the property a little over three years ago. This created an opportunity to acquire the property now.

Now more than ever, experienced brokers create value. Unique would like to thank all the parties that helped make this close in 46 days from contract to closing.

Unique Properties, Inc. / TCN Worldwide provides solutions for a full range of property types including office, industrial, retail, land and multifamily.

According to CBRE Research, the occupancy rate in Boulder was 95.4% at the end of Q1 2024, down from 95.6% in the prior quarter. This is the second-highest occupancy across any submarket in metro Denver behind only the Arvada/Golden submarket. The average asking rent decreased 1.0% or $21 to $2,108 per unit ($2.47 per sq. ft.). Year-over-year, the average asking rent remained unchanged. Over the past five years, the average asking rent has increased $294 per unit, or 16.2%.

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