Colorado Real Estate Journal - August 19, 2015
A 60-unit apartment building on Canyon Boulevard sold to a Boulder group that plans an approximately $2 million modernization. A group comprised of Scott Holton and Chris Jacobs of Element Properties, along with Neil Littmann and Scott Reichenberg of Signature Partners, paid $9.71 million, or $161,835 per unit, for the four-story building at 2121 Canyon Blvd. in Boulder. The apartments were 100 percent leased. Village Partnership was the seller. Holton said the new owners will undertake a substantial renovation later this year to modernize the apartments, provide greater energy efficiency to comply with Boulder’s SmartRegs program, add bike storage and pet facilities, and “create a unique and modern downtown apartment experience” while maintaining market rents that serve residents with incomes of around 80 percent of area median income. Holton said, “2121 Canyon represents a rare opportunity for the renovation and preservation of 60 existing market-rate affordable apartments in downtown Boulder. We will continue our model of providing cool apartments in a walkable location with great architecture and design that are also pet-friendly, energy-efficient and emphasize a walking/biking lifestyle. “Current rents are well below market – approximately $1 per square foot per month – despite the apartments being very clean and well-maintained,” said Holton. “So we feel that some modernization of the apartment finishes and common areas will go a long way in providing a better value for residents in exchange for bringing rents a little bit more in line with the market.” The property currently is called Canyon Villa, but the name most likely will be changed. Villa Partnership, represented in the transaction by Dylan Lario of Coldwell Banker, sold the property, which is midway between Broadway and the Boulder Turnpike. The building was constructed in 1968.