Apartment complex sells for $20 million
The 176-unit complex at 730 29th St. is northeast of the intersection of 29th Street and Baseline Road in Boulder.
The purchaser is a limited liability company named Canyon Creek Apartments II, a group of local investors that wishes to remain anonymous, according to Thom Widawski of Verus Commercial Inc., who represented the buyer and seller. The new owners have experience in the Boulder student housing market, he said.
The seller was Canyon Creek Apartments LLC, which is made up of local investors. The sellers had owned the apartments since they were built in the 1960s and 1970s, Widawski said.
The new owners could renovate parts of the complex, which includes efficiencies and one- and two-bedroom units, Widawski said, but don't intend to redevelop it.
"It's not going to be a scrape and rebuild," Widawski said.
The property had been on the market since January 2012, and it attracted interest from many potential buyers.
"It was amazing to me how many people were knocking on our door," Widawski said. Ultimately, six of the bidders submitted letters of intent, and the buyers had put the property under contract in July.
The apartment market in the Boulder area is as landlord friendly as it has ever been, and a number of new developments are planned for the area around the Canyon Creek Apartments. According to the Boulder Planning Department, three planned developments at 900, 910 and 950 28th St. will add 162 units to the market about a block from Canyon Creek. There also are plans to redevelop the nearby Boulder Outlook Hotel at 800 28th St. into a 98-unit complex.
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