Clarion Partners Purchases Two Boulder Apartment Assets
Element Properties, a Boulder-based real estate development and investment company, has sold two of its Boulder apartment assets to New York-based Clarion Partners. 2121 Canyon, a 60-unit apartment asset located at 2121 Canyon Boulevard, sold for $17.5 million and 2000 Walnut, a 32-unit apartment building at 2000 Walnut, sold for $10.477 million.
Newmark Knight Frank’s Andy Hellman and Justin Hunt along with Transaction Manager Katie Hufnagel represented Element Properties on the two separate transactions.
“The 2121 Canyon and 2000 Walnut offering was an incredibly rare opportunity to acquire contiguous scale blocks from Pearl Street mall. In most markets, 92-units would not qualify as sizable enough to enter a market without previous scale, but Boulder is different,” stated NKF Senior Managing Director Andy Hellman. “We had multiple offers from a wide variety of Buyer profiles but ended up selecting an Institutional Adviser. The Buyer plans to use 2121 Canyon and 2000 Walnut as their anchor with the intent to hold and grow their presence in the Boulder market.”
Constructed in 1968 and extensively renovated in 2019, 2121 Canyon was purchased for $291,667 per unit. All units have undergone extensive renovations including new designer kitchens and bathrooms, vinyl plank flooring, and stainless-steel appliances. Apartments also feature oversized windows framing stunning views of the Flatirons, Emma Gomez Martinez Park, or downtown Boulder.
With a 1972 construction, all units at 2000 Walnut underwent extensive renovations in 2015 including new designer kitchens and bathrooms, engineered hardwood floors, and energy efficient appliances. The community’s outdoor spaces have been thoughtfully curated to enhance the Boulder lifestyle with community amenities including ample bike storage, parking, easily accessible storage lockers, picnic tables, outdoor grilling patio, and fully irrigated garden beds, which all contribute to a sense of place for tenants and guests alike.
“The sale of 2121 Canyon and 2000 Walnut was a significant scale in downtown Boulder, this was a rare opportunity given Boulder’s prohibitive barrier to entry and exorbitant replacement cost,” added NKF Senior Managing Director Justin Hunt.