Apartment developer buys tract in Arista
AMLI Residential, a Chicago-based developer and operator of multifamily residential communities, has closed on the $2.5 million deal to acquire the 5.1 acres in Arista on which it will build a 168-unit development.
The land is at the corner of Broomfield Lane and Parkland Drive. To the north and east of the land are the AMLI Arista Apartments, a 358-unit community that AMLI bought for $55.6 million in 2010.
The construction cost is estimated to be $16.5 million, according to the Broomfield Planning Department. The apartments will be one and two bedrooms, and rent is anticipated to be from $950 to $1,400 per month.
The project has been in the works for a while, and the Broomfield City Council approved AMLI's site development plan and an improvement plan to share the costs of infrastructure development in December.
The Arista mixed-use development is being developed by Tim Wiens, and one of his companies, Park 36 Development LLC, sold the land. The vacant lot has been used as a parking lot for the nearby 1stBank Center.
In addition to the existing Arista apartments and the new project, AMLI is building a 343-unit development in Interlocken and owns the 500-unit AMLI at Flatirons.
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