BOULDER, CO - Lowe Enterprises Investors has acquired The Boulders apartment community in Boulder, Colo., 40 miles north of Denver, in joint venture with an investment client. The 161-unit garden-style apartment community is well located in the heart of Boulder at 2850 Kalmia Avenue.
“LEI has been actively expanding its multifamily investment portfolio in select markets across the country over the past 12 months. We continue to seek multifamily and commercial acquisition and development opportunities nationwide, with particular interest in the West and Pacific Northwest,” said Brad Howe co-CEO of Lowe Enterprises Investors. ““Boulder is among the strongest rental markets in the Western U.S. making it an attractive location for multifamily investment.”
Built in 1993, the nine-building apartment community is set on 10.25 acres. Currently 96 percent occupied, the property offers a mix of one- and two-bedroom units, 45 percent of which have been recently renovated. Lowe will complete unit renovations which include upgrading finishes and flooring and adding stainless steel appliances. All units include fireplaces, walk-in closets, full size washer and dryer and balcony or patio.
LEI also will make improvements to the property’s common areas and building exteriors as well as resident recreation facilities. The Boulders features a clubhouse with 24-hour fitness center, heated swimming pool and outdoor spa with adjacent barbecue area, dog park and business center.
“Boulder offers businesses and their employees an attractive location choice. The combination of a strong walkable urban environment and everything that Colorado offers in terms of lifestyle and recreation makes it a compelling alternative to the greater Denver metro area,” said Andy Sands, senior vice president of Lowe Enterprises Investors who leads its investment activities. “The physical and operational improvements we intend to make at the Boulders will improve the property and position it to be a leader in the market.”
The property is located just one mile from Boulder’s popular Pearl Street pedestrian mall with its variety of shopping, dining, entertainment options. It also is within easy walking distance to hiking and biking trails including the Boulder Creek path.
Doug Andrews and Jeff Hawks of ARA Real Estate Investment Services represented the seller, an affiliate of DiNapoli Capital Partners. Greystar has assumed management of the property.
Over the past 12 months, LEI has made multifamily property investments in Colorado, Washington, Georgia, Delaware, Philadelphia, and North Carolina. LEI’s commercial property affiliate, Lowe Enterprises Real Estate Group, has maintained a regional office in Denver since 1985 and currently operates a portfolio of approximately one million square feet of commercial space in the greater Denver area. LEI’s hospitality affiliate, Destination Hotels, currently operates numerous hotel and resort properties throughout Colorado, including the Inverness Hotel and Conference Center in southeast Denver, the Vail Cascade Hotel and The Gant in Aspen.