Entertainment-Anchored Multifamily Community Sells for $65M in Broomfield
Broomfield, CO — ARA, A Newmark Company (ARA Newmark) recently announced the $65 million sale of Arista Uptown, a 272-unit, multihousing community located in the 200-acre, mixed-use development of Arista, in Broomfield, CO.
Vice Chairmen Shane Ozment, Terrance Hunt, Jeff Hawks and Doug Andrews represented the seller, Millburn & Company, a Salt Lake City-based, privately held investment firm that owns approximately 4,000 units in the Western United States. Millburn & Company originally purchased the asset in 2014, just one year after the property was built. Denver-based Seagate Colorado Partners, LLC, a full-service real estate investment and operating company, purchased Arista Uptown, adding to its portfolio of nearly 3,000 units in Colorado and marking its twelfth multihousing acquisition in the state since 2011.
According to Hunt, “Arista Uptown is optimally located in the heart of the Denver-Boulder (US-36) corridor, less than a 20-minute drive from both Denver and Boulder, making it a great location for commuters from both metros.”
Constructed in 2013, Arista Uptown is within the larger Arista development, which offers street-level retail and commercial options, outdoor recreation, a major RTD stop on the Denver-Boulder Turnpike and the 1STBANK Center, a venue which hosts up to 100 events per year. The community features apartments with 10-foot ceilings, seven-foot windows, built-in wine racks, quartz countertops and under-mount sinks.
In addition, every apartment offers an oversized patio or balcony, and some include attached garages with direct unit access. Community amenities include a year-round pool, grills, picnic areas, hot tub, chaise lounge chairs, six private cabanas with daily towel service, dual dog and bike wash room, a fenced-in dog run and two courtesy bicycles. The clubhouse also offers a gourmet coffee bar, two Mac workstations and a state-of-the-art fitness center.
“The buyer was attracted to the quality of the asset, the surrounding Arista development, its proximity to Interlocken Business Park, which is a major employment hub with nearly 13,000 employees, and the Flatiron Crossing Shopping Center, which contains approximately 1.5 million square feet of retail space,” said Ozment.
Image courtesy of ARA Newmark