Newly-Built Apartments in Longmont Trade for Record Price
According to Brinkman Real Estate, Union Pointe, an eight-building apartment community in Longmont, has traded to Minneapolis-based Centerspace, a publicly traded real estate company focused on multifamily. The property was sold for $76.9 million ($300,390/unit), marking a record-high multifamily transaction for the Longmont market.
Brinkman developed the property in partnership with Jensen LaPlante Development and Keystone Real Estate, The 256-unit community opened in 2019 and is located at 1605 East County Line Road. Brinkman was represented by Newmark’s Vice Chairmen Terrance Hunt and Shane Ozment and Executive Managing Director Chris Cowan.
“Union Pointe, with thoughtful and curated design elements, provides highly sought-after brand-new product to the Longmont market and its residents,” commented Hunt. “Due to the property’s robust amenities and exceptional location, the low-density garden asset, which delivered last year, was in high demand and we were pleased to work with the sellers to complete the transaction.”
The construction of the project received HUD 221 (d)(4) financing through Wells Fargo. The apartments fill a need for a for-rent option in the Longmont area with close proximity to I-25. The property sits just minutes from award-winning healthcare, retail and several recreational amenities including the Jim Hamm Nature Area, Union Reservoir and Stephen Day Park.
“This has been a flagship project for us that we were extremely proud to bring to the Longmont market. Our sale of this property will allow us to capitalize on tightening cap rates and reinvest capital into our current investment strategy focused on acquiring core-plus and value-add communities throughout Colorado and the Inter-Mountain West,” said Kevin Brinkman, Co-Founder & CEO of Brinkman Real Estate. “Centerspace is an extremely sophisticated owner who will continue to ensure that Union Pointe residents are provided with an exceptional living experience.”
Amenities includes a resort-style pool and spa with cabanas, outdoor lounge, grills and fire pits, dog run and dog wash station, children’s play area and a bike and ski repair room. The shared clubhouse features a catering kitchen for entertaining, 24-hour fitness center with yoga studio, gaming room, co-working lounge with laptop bar and private workstations for residents.
Since their founding, Brinkman Real Estate has developed and acquired a portfolio including a diversity in assets from multi-family, hospitality, mixed-use, office and retail. In the past 12 months, the company has focused on expanding their investments to high-growth markets outside of the state. With this disposition, they plan to recycle the proceeds into their target asset classes and markets. Specifically, core-plus/value-add multi-family properties in the Mountain West.