Colorado Real Estate Journal - December 16, 2015
A new apartment community on the U.S. Highway 36 corridor traded for $252,674 per unit, the highest price ever paid for a garden-style community in the Denver metro area. Invesco Real Estate paid $94.5 million for the Retreat at The Flatirons, a 374-unit community that Etkin Johnson Real Estate Partners completed last year. The apartments leased up quickly and were 96.8 percent occupied at the time of the sale. “The Broomfield market is exceptionally strong,” said Derek Conn, Etkin Johnson’s director of finance. “Lease-up for the project was markedly faster than anticipated with rents outpacing pro forma by nearly 20 percent.” The apartments’ first residents moved in early last year. The property averaged 43 move-ins per month in summer 2014, absorbing 65 units in August 2014, according to Etkin Johnson. Located at 13780 Del Corso Way, the Retreat at the Flatirons consists of one-bedroom, one-bath; two-bedroom, two-bath; and three-bedroom, three-bath apartments. The average unit size is 1,052 square feet. “In an era where most of the high-profile, new apartment properties are urban-style, smaller-unit communities with a shared garage structure, Retreat at The Flatirons has bucked the trend and proved the demand for three-story, garden-style communities with large units and private garages,” said Jeff Hawks of ARA Newmark, who represented Etkin Johnson with ARA Newmark brokers Doug Andrews, Terrance Hunt and Shane Ozment. “The velocity of lease-up combined with the aggressive rent levels and above-market occupancy resulted in this being a highly sought-after investment property with the bidding process producing several very competent groups with very competitive offers,” Hawks said. The apartments are part of Broomfield Business Center, a 74-acre mixed-use project that Etkin Johnson is developing. The clubhouse features a cyber café with Wi-Fi, a great room with a pool table, an epicurean kitchen, the “Spaw” dog wash station, an outdoor fire pit, fully equipped fitness center with a 24/7 virtual trainer, a bicycle and ski/snowboard repair shop, year-round 25-meter swimming pool and adjacent 4.53-acre park that Etkin Johnson developed and dedicated to the city of Broomfield. The units themselves include 9-foot ceilings, stainless steel appliances, granite countertops, and private patios or balconies. Some units have fireplaces and garden tubs. They also include walk-in closets, are prewired for intrusion alarms and telecommunications, and have individual heating, air conditioning and hot water. Some units have attached garages, and detached garages also are available. Located on 18.19 acres, the Retreat at The Flatirons consists of 20 apartment buildings, 14 freestanding garages and a clubhouse. All the buildings are two and three stories with stone and HardiePlank siding. Just off Highway 36 and the Northwest Parkway, they are within four minutes of Flatiron Crossing and offer easy access to Interlocken Advanced Technology Environment, Boulder and Denver. A team including Jim Vasbinder of Etkin Johnson Real Estate Partners, Lauren Brockman of Anbrock LLC and Allied Orion Holdings LLC, and Peggy Panzer of the Allied-Orion Group developed the apartments. “We are proud of our team’s ability to execute the project from development into lease-up and management, through this disposition,” said Bruce Etkin, chairman of Etkin Johnson Real Estate Partners. “The ability to achieve a record-setting per-unit sales price for this type of product was truly a collaborative effort.”