With the sale of 17*Walnut, ARA, A Newmark Company (ARA Newmark) closes on the highest per-unit conventional multihousing trade ever in the state of Colorado and the second-highest price per door for a non-coastal asset in the U.S. since 2015. The property is located in the prestigious East End corridor in downtown Boulder, Colorado.
Senior Managing Director Andy Hellman and Executive Managing Director Justin Hunt represented Boulder-based developer Element Properties in the sale to Rivendell Global Real Estate. The Manhattan-based firm purchased the 26-unit community for $15.6 million, making its $600,000 per-unit price and $654 per square foot price the highest within 750 miles of the property.
“Pricing of this caliber rarely, if ever, makes its way outside of Tier 1 coastal markets. This was a true testament to what great real estate in Boulder, Colorado can yield,” said Hellman. “Element designed and built a remarkable property; the buyer recognized the asset’s uniqueness given its high-end finishes and irreplaceable location surrounded by million-dollar-plus homes and condos. The resulting sale price was justified by the rare opportunity to own such a centrally located, high-quality property in the high barrier-to-entry Boulder market.”
Hellman noted that the asset, bolstered by a successful marketing campaign, drew a diverse pool of local and national buyers and multiple offers - even with the complexity and uncertainty of a loan assumption.
“Boulder is emerging as a key source of venture capital, and tech firms of all sizes are flocking to Colorado’s ‘Silicon Mountains’,” explained Justin Hunt, “Twitter is moving into a new, 60,000-square-foot site, and Google is building a $150 million campus to employ 1,500 people.”
Constructed in 2015 to highlight unmatched views of the Boulder Flatirons, 17*Walnut features one-, two- and three-bedroom floor plans with large windows and private balconies. The community has a boutique-hotel feel with luxury finishes and amenities such as heated underground parking, bike storage and repair shop, private courtyard with barbecue grills, dog wash and lobby with Wi-Fi, coffee bar and breakfast service. At the intersection of 17th and Walnut Streets, the apartments are two blocks from Pearl Street Pedestrian Mall’s premium retailers and restaurants, and minutes from world-class hiking and biking on the 300-mile trail system.
About ARA, A Newmark Company
ARA, A Newmark Company (ARA Newmark) is the leading investment advisory firm in the multihousing industry. From marketing the sale of single assets and portfolios to sourcing acquisition and development equity and financing, ARA Newmark provides 360-degree solutions for clients. In addition to market-rate and mixed-use properties, we offer specialized services in land, student, seniors, manufactured and affordable housing.
With the industry’s deepest bench of multihousing advisors, ARA Newmark provides the insight and experience to ensure world-class execution. Our advisors average 20 years’ experience and are the most skillful negotiators in the industry. They are experts in 300+ markets and provide asset-specific customization that yields highly effective transaction strategies. By leveraging our proprietary database that identifies 200 percent more investor interest, each advisor has ready access to unique market intelligence to drive demand.
Backed by the global resources of Newmark Grubb Knight Frank, ARA Newmark matches each client’s assets to a robust group of investors - from private and institutional owners to global entities - and accesses nearly every commercial real estate class for options to diversify and profit.
The firm’s combination of asset sales, debt and equity services and specialty practice groups yields more than $19 billion in transaction volume annually. For more on ARA Newmark’s multihousing-exclusive services, visit www.aranewmark.com.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.