Colorado Real Estate Journal - January 21, 2015
A Boulder County housing provider recently purchased the Kimbark Apartments in Longmont for $3.4 million. The Kimbark Apartments is a 48-unit property that is income-restricted for the next 24 years. Thistle Communities purchased the property at 1200 Kimbark St. from Kimbark 1200 LLC. Sean Hamilton of Hamilton Realty Advisors LLC, who represented the seller with Hamilton Realty’s Tim Bennett, said rents are around $900 to $950 for three-bedroom units, compared with market rents of $1,200 to $1,300. Thistle Communities plans to do a light rehabilitation of the property, which consists mostly of three-bedroom, 1½-bath apartments along with a few two-bedroom units. “We were really only marketing it for about six to eight weeks, and we probably had 75 or 80 interested buyers,” said Hamilton, who added that Thistle stepped up with a full price offer. “The market is very strong right now. There just isn’t a lot of product out there,” he said, noting buyers who previously wouldn’t consider properties under 100 units are willing to do so, especially out-of-state buyers familiar with the Boulder County market. The apartments were constructed in 1995 using Low-income Housing Tax Credits. The price Thistle Communities paid equates to $70,833 per unit, or $69.19 per square foot. The property sold at a 5.9 percent cap rate. Thistle Communities is a private, nonprofit real estate company that develops and preserves affordable and market-rate housing in Boulder County.