Newmark Multifamily announces the sale of two Boulder apartment assets: 2121 Canyon, a 60-unit apartment asset located at 2121 Canyon Boulevard, and 2000 Walnut, a 32-unit apartment building at 2000 Walnut. Both assets were sold by Element Properties for $17,500,000 and $10,477,000, respectively. Newmark’s Andy Hellman and Justin Hunt along with Transaction Manager Katie Hufnagel represented Element Properties on the two separate transactions.
“The 2121 Canyon and 2000 Walnut offering was an incredibly rare opportunity to acquire contiguous scale blocks from Pearl Street mall. In most markets, 92-units would not qualify as sizable enough to enter a market without previous scale, but Boulder is different,” stated Newmark Senior Managing Director Andy Hellman. “We had multiple offers from a wide variety of Buyer profiles but ended up selecting an Institutional Adviser. The Buyer plans to use 2121 Canyon and 2000 Walnut as their anchor with the intent to hold and grow their presence in the Boulder market.”
Constructed in 1968 and extensively renovated in 2019, 2121 Canyon was purchased by Clarion Partners for $291,667 per unit. All units have undergone extensive renovations including new designer kitchens and bathrooms, vinyl plank flooring, and stainless-steel appliances. Apartments also feature oversized windows framing stunning views of the Flatirons, Emma Gomez Martinez Park, or downtown Boulder.
Residents at 2121 Canyon have access to thoughtful amenities including a laundry area, dog wash, storage lockers, and a resident lounge with Wi-Fi, ample bike storage, parking and a dog park area. The community’s outdoor spaces have been thoughtfully curated to take full advantage of Boulder’s 300 days of sunshine and offer direct access to Emma Gomez Martinez Park and its basketball courts, playground and outdoor pool.
With a 1972 construction, all units at 2000 Walnut underwent extensive renovations in 2015 including new designer kitchens and bathrooms, engineered hardwood floors, and energy efficient appliances. The community’s outdoor spaces have been thoughtfully curated to enhance the Boulder lifestyle with community amenities including ample bike storage, parking, easily accessible storage lockers, picnic tables, outdoor grilling patio, and fully irrigated garden beds, which all contribute to a sense of place for tenants and guests alike. Clarion Partners purchased 2000 Walnut at $327,406 per unit.
“The sale of 2121 Canyon and 2000 Walnut was a significant scale in downtown Boulder, this was a rare opportunity given Boulder’s prohibitive barrier to entry and exorbitant replacement cost,” added Newmark Senior Managing Director Justin Hunt.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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