Apartment building sells for $4 million
A group of investors led by Scott Holton and Chris Jacobs of Element Properties purchased 2037 Walnut St. in a deal that closed Nov. 30.
The new owners intend to remodel the 31-year-old building next year to update its exterior appearance and make it more energy efficient, Holton said.
The building is a short walk from the Pearl Street Mall and the rest of downtown Boulder, but rents are more affordable than other apartments in the area, Holton said. The owners think they've found a property that "with just a little TLC" will be a good long-term investment in a location and market sweet spot that always do well in Boulder.
"The long view of this market is that a great, walkable downtown location will always be resilient. 2037 Walnut represents an excellent opportunity to continue to provide critically needed market-rate housing in the community that is moderately affordable and energy-efficient," Holton said.
Jacobs represented the new owners in the transaction. The Terry L. McDaniel Profit Sharing Plan sold the property and represented itself, Holton said.
Element Properties, which is based in Boulder, will manage the building. The company recently hired Eric Mallon to be its new director of property management.
Element Properties and its fellow investors have been active buying and selling properties in the past few months. In October, they bought the property at 1707 Walnut St. for $2.87 million and plan to build 20 luxury apartments and 8,000 square feet of ground floor retail space on the site. They plan to deliver that building in 2014.
Also in October, Element Properties sold the 30,000-square-foot medical office building at 1000 Alpine Avenue in Boulder to Mental Health Partners for $5.35 million. They acquired that property in early 2012 from Boulder Community Hospital for $4.65 million.
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