Vintage Multifamily Community in Boulder Fetches Highest Price Per Unit
Henley & Remy, an 82-unit multifamily community located at 635 and 565 Mohawk Drive, minutes from the University of Colorado in Boulder, has sold for $32.3 million. At $393,900 per unit, the sale of Henley & Remy represents the highest price per unit for 1960s vintage product by more than $100,000 per unit, and the highest price per unit for 1970s vintage product by more than $50,000 per unit in Metro Denver and Boulder County.
The community has undergone over $2 million in capital upgrades including 65 full-unit renovations and a total clubhouse renovation featuring pool and fitness center upgrades.
Newmark Executive Managing Directors Andy Hellman and Justin Hunt and Transaction Manager Katie Hufnagel represented the seller, Pathfinder Partners, in the sale to the buyer. “This sale is a testament to the strength and stability of the Boulder market and the buyer’s confidence in it. At $393,900 per unit, the sale of Henley & Remy–built in 1974 and 1968, respectively–is the highest price per unit for any market-rate apartment community built prior to 2010 in Colorado,” said Hellman. “The seller transformed the property into a modern and differentiated community through the thoughtful and distinguished renovations of the common amenities, unit upgrades and exterior repositioning.”
According to Newmark Research, Boulder is one of the tightest multifamily markets in the country with the highest gross rents in metro Denver and year-over-year rent growth that has averaged 10 percent over the past three years. Boulder’s residential market remains one of the most expensive markets in the state of Colorado and the United States. Given the city’s consistent influx of people and businesses, combined with added development constraints, home prices have increased immensely, with the average single-family home price exceeding $1.1 million over the past six months.
Photo courtesy of Newmark