Rêve Boulder’s Residential and Retail Units Sell for $151M
Virtú Investments, a multifamily real estate investment firm primarily engaged in the management of apartment properties in the western U.S., has purchased the multifamily and retail components of Rêve Boulder, a mixed-use community located in a Qualified Opportunity Zone (QOZ) at 30th & Pearl Streets in Boulder. The firm purchased the property in February from Southern Land Company and financial partner GTIS Partners for $151.25 million.
“The sale of Rêve Boulder’s apartment homes and retail units mark a significant turning point for us,” said Tim Downey, Southern Land Company CEO. “Rêve Boulder was our entrance to the dynamic City of Boulder, and we have worked diligently to ensure this project would be an excellent fit for the Boulder community. What we have found in Virtú Investments is not only a purchaser, but an outstanding partner as well, who will see this project through and ensure it thrives.”
Tom Shapiro, president and chief investment officer of GTIS Partners noted, “The sale of Rêve Boulder represents our first completed investment in an Opportunity Zone. We look forward to further building on our strategy of partnering with quality developers like Southern Land and dynamic cities like Boulder to the benefit of local communities and area residents.”
Rêve Boulder features a mix of rental options including micro, studio, efficiency, one, two and three-bedroom apartments, live/work residences and townhomes. Apartments range from 467 square feet for a micro apartment to 1,678 square feet for a rooftop penthouse. The live/work residences are two-story units that offer office space on the ground floor and living space upstairs – the perfect nesting ground for entrepreneurs. All apartment homes include a high level of interior finishes including quartz countertops, kitchen islands, stainless steel appliances, side-by-side refrigerators, washers and dryers, and outdoor balconies or terraces.
The community features a business center, club and game room, 24-hour advanced modern fitness center, flex room, outdoor fire pits, and a lushly landscaped pool deck with private gazebos and flat screen televisions. The project also includes more than 40 percent open space, including a park along the historic Boulder Slough irrigation channel as well as many pedestrian-oriented courtyards and plazas.
As a pre-finish sale, Southern Land Company, GTIS Partners and Virtú Investments will work together in the upcoming months to complete the construction of Rêve Boulder. Following completion, Virtú Investments will lease and operate the multifamily and retail units of the property.
“The Rêve Boulder acquisition represents an exciting opportunity to be a long-term provider of much-needed housing in downtown Boulder,” said Mike Green, Virtú Investments managing partner. “With its thoughtfully constructed, pedestrian-friendly layout and first-class amenity package for residents, we believe Rêve will serve as a vibrant hub for the Boulder community for years to come.”
Southern Land Company has additional projects in Colorado, including a multifamily apartment home community in Denver (Bespoke Uptown) and a single-family development in Erie (Westerly), which is expected to break ground later this spring. In 2018, Southern Land Company sold Centric LoHi, its first multifamily project in the Denver market.
Rendering courtesy of Southern Land Company