ARA Newmark Closes on Highest Price Per Unit Multifamily Trade in Boulder History
Boulder, CO — With the sale of Solana 3100 Pearl, ARA, A Newmark Company (ARA Newmark) closes on the highest price per unit, conventional multihousing trade in Boulder, CO, and the second highest price per unit trade in all of Colorado. The 319-unit, mixed-use, transit-oriented development is located just off the intersection of 30th Street and Pearl Parkway.
ARA Newmark Vice Chairmen, Jeff Hawks, Terrance Hunt, Shane Ozment, Doug Andrews and Executive Managing Director Chris Cowan represented the seller, Southern California-based ReyLenn Properties LLC, which currently has three additional Colorado assets under construction. Rockwood Capital, a real estate investment firm, purchased the asset for an undisclosed price. The property was 94 percent leased at the time of sale.
“Boulder has the highest density of startups of any city in the nation and is known by technology professionals as the ‘Silicon Mountains’,” stated Hunt. “The city is attracting the biggest names in tech with Twitter moving into a 60,000-square-foot new building and Google constructing a $150-million, 330,000-square-foot campus that is expected to employ an estimated 1,500 people, located directly across the street from Solana 3100 Pearl.”
Strong employment growth and a desirable lifestyle have helped Boulder consistently rank as one of the top multihousing rental markets in the nation. “The impressive rent growth in Boulder is driven by lack of competition, due to the highest barriers to entry of any community in the region, nearly double those of metro Denver. This restriction in expansion means that the Boulder multihousing market will always outperform that of Denver and continue to be one of the top in the nation,” noted Hawks.
Constructed in 2014, Solana 3100 Pearl is located across the street from the newly built Boulder Rapid Transit Village and the future Light Rail Station, which will connect Boulder to Denver. The property is also within walking distance of the high-end, 847,000-square-foot 29th Street outdoor shopping center and the University of Colorado.
“Investors are enthusiastic about the opportunity to acquire assets in Boulder, showcased by the double-digit number of offers we received for Solana 3100 Pearl. This is the highest price per unit for a conventional multihousing property in Boulder and the second highest in all of Colorado,” explained Hawks.
The Class A+ property, provides residents an impressive amenities package including two rooftop lounges with incredible mountain views, outdoor fire pits, a year-round infinity pool and a spinning and yoga room that offers on-demand digital fitness classes. The property is also a LEED Gold, “Boulder Green Points” certified project.
Image courtesy of ARA Newmark