BrokerageMultifamilyStudent Housing

Two Student Housing Properties Adjacent to CU Boulder Refinanced

Brickstone Partners, a full-service real estate investment and development firm located in Nashville, Tenn., has announced the refinance and recapitalization of two student housing assets in Boulder, valued at more than $180 million

The Brickstone Boulder Portfolio collectively consists of 312 units and 463 beds and are within walking distance of the University of Colorado Boulder (CU Boulder) campus. Renovated in 2015 and 2016, the properties are adjacent to the CU Boulder campus, have views of the Rocky Mountains, and are proximate to the Pearl Street Mall and downtown Boulder. Both properties feature modern interior unit finishes, including stainless steel appliances, quartz countertops, oversized closets and wood-style flooring.

“These highly successful investments continue to reaffirm the effectiveness of our core investment strategy, which is to invest in highly constrained markets with a unique focus on creative value-add strategies that create an asymmetry of risk and reward,” said Daniel Otis, founder and principal of Brickstone Partners. “We’re pleased that we were able to add significant value to the City of Boulder, its residents and our investment community through the improvement of these two assets.”

Clarion Partners Real Estate Income Fund Inc. (CPREIF) provided mezzanine loans subordinate to two senior loans originated by Blackstone Real Estate. The senior loans were arranged by KeyBank Real Estate Capital.

“Rental properties in Boulder seldom come to market, but the Brickstone Boulder portfolio was a rare opportunity to lend on two high-quality assets where institutional management provides value to students and their families,” said CPREIF Portfolio Manager Janet Souk. “As a significant investor in Boulder, Clarion Partners believes there are positive long-term tailwinds for the city’s student housing market, which has consistently maintained very high occupancy and shows no signs of slowing down.”

The City of Boulder is home to more than 36,000 students at CU Boulder and has one of the nation’s largest concentrations of tech workers. The presence of major employers and a large research university, combined with convenient access to an abundance of outdoor recreational activities, continues to attract strong technology and life sciences talent seeking a higher quality of life.

 

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