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COLORADO REAL ESTATE JOURNAL
— October 21-November 3, 2015
Boulder County & U.S. 36 Corridor
by Jill Jamieson-Nichols
A distinctive off-campus stu-
dent housing community across
the street from the University
of Colorado sold to a real estate
investment trust for $48.8 million,
or $153,943 per bed.
EdR, oneof the country’s largest
owners, developers and manag-
ers of collegiate housing, bought
The Province from an affiliate of
Edwards Communities. Edwards
Communities developed the
property, which incorporates a
repurposed church sanctuary, just
over a year ago.
EdR also owns The Lotus
in Boulder, which it recently
enhanced and expanded to 235
beds. The Province, which has
317 beds, is its second asset in
Colorado.
“We purchased The Province
because of our success at The
Lotus and excitement around the
University of Colorado, a Tier 1
university with a growing enroll-
ment, and the upscale quality of
A repurposed church sanctuary is a centerpiece of The Province student housing community.
by Jill Jamieson-Nichols
A Boulder-based company
covered its growth needs with
the $2.36 million acquisition of
a 13,762-square-foot industrial
building at 3155 Sterling Circle.
Wallaroo Hat Co. bought
the building for $171.63 per sf
through an entity called WHC
Holdings LLC. Harrison Realty
Partners was the seller.
“We have been on a strong
growth trajectory for several
years, and as such we needed
more space,” Stephanie Carter,
Wallaroo co-founder, said in a
release. “Having rented since our
founding in 1999, we were finally
ready for a permanent home. We
strongly identify with our Boul-
der roots and felt that it was
important for us to stay within
the city. When this particular
property presented itself with its
ideal square footage, warehouse
space and tall
ceilings, we
just couldn’t
pass it up.”
Jason Kruse
of The Colo-
rado Group
represented
the
seller.
Ashley Over-
ton and Mike
Hastings of
Flatiron Commercial Real Estate
Consultants represented the
buyer.
“Inventory is very tight right
now, and we received a lot of
interest as soon as the property
was put on the market for sale.
Industrial buildings in particular
are hard to find and the con-
struction costs will make it more
feasible for the buyer to purchase
rather than build,” Kruse said.
“Both the buyer and seller were
very happywith the transaction.”
The building previously
housed Preferred Paper Prod-
ucts, which moved to Longmont.
It was built in 1999.
Wallaroo Hat Co. will relocate
to the building from 1888 S. Flat-
iron Court, Suite E, in Boulder, by
the end of the year.
Wallaroo was founded to offer
fashionable, Aussie-inspired
hats with UPF sun protection. Its
products are sold by more than
2,000 retailers, in catalogs and
online.
Other News
n
A Boulder-based software
company,
rezora,
will move its
offices to 3,982 square feet of Class
Jason Kruse
by Jill Jamieson-Nichols
Boulder Housing Partners will
complete large-scale renovations
of six public housing communities
in an effort to preserve affordable
housing in Boulder.
“Project Renovate is our top pri-
ority for 2015 and 2016,” said Bet-
sey Martens, BHP executive direc-
tor. “We’ll preservehousingoppor-
tunities for our most economically
vulnerable citizens while creating
more opportunities for residents to
gain in self-sufficiency.”
Boulder Housing Partners, the
housing authority for the city of
Boulder, is one of a select group
of public housing authorities
approved by the U.S. Department
of Housing and Urban Devel-
opment to recapitalize its public
housing properties. By gaining
local control over the properties,
it can ensure quality affordable
housing for the city’s most at-risk
citizens in perpetuity, the author-
ity said.
Project Renovate will include
work on 279 apartments, town-
homes and single-family homes at:
• 4,650 sq. ft. available January 1, 2016 - $30.00 NNN
• Excellent exposure & signage along 28th Street
• Over 50,000 cars per day pass the site
• Join co-tenants Boulder Running Company & FedEx
• Open space with abundant natural light
• Ample parking
• 2,157 sq. ft. sublease available now - $30.00 NNN
• Lease expires June 30, 2018
• Nearly 70,000 cars per day pass the site
• Conveniently situated between CU & 29th Street
• Join co-tenants Mattress Firm & T-Mobile
• Open layout with abundant natural light
AVAILABLE SPACE ALONG BOULDER’S RETAIL CORRIDOR
Pearl Street Center
28th & Pearl Streets
Flatiron Shops
28th Street & Arapahoe Road
