Newly Built Multifamily Complex in Broomfield Sells for $90M
Even during this pandemic, big sales continue to close successfully. A California-based company has purchased Fusion 355, a 286-unit multifamily property, located at 355 Eldorado Boulevard in Broomfield’s Interlocken neighborhood, for $90 million.
Dan Woodward, David Potarf and Matt Barnett with CBRE Capital Markets in Denver represented the seller, AG Spanos from Stockton, Calif. Marc Ross with CBRE’s Sacramento office represented the buyer, Oakmont Properties from California, who purchased the property in a sale that closed May 13.
“The sale of Fusion 355 is an example of the continued trend of investment capital migrating to Denver from coastal markets in search of slightly higher yields and a stable political and tax environment,” said Dan Woodward, executive vice president, CBRE. “The buyer was familiar with the high-quality of AG Spanos’ developments in other markets. The sale was truly a win-win for buyer and seller.”
Built in 2019, Fusion 355 consists of a mix of upscale apartments and townhome style units with in-unit washer and dryer, ceiling fans, storage units, vaulted ceilings, and hardwood flooring. The property, which totals 256,376 rentable square feet is a controlled access, smoke-free community with a 24-hour fitness center, yoga studio, dog park, media and game rooms, elevator access, bike storage, heated pool with spa and Baja deck, community garden, 400 parking spaces, and private garages.
“Fusion 355 allowed Oakmont Properties the opportunity to grow their existing footprint in the Denver market while also providing an advantageous micro location within the high-tech Interlocken Business Park featuring some of Colorado’s largest and most prestigious employers,” stated Marc Ross, executive vice president, CBRE.
Fusion 355 was 85 percent leased at the time of sale.
Photo courtesy of CBRE