Colorado Real Estate Journal - March 2, 2016
Holland Partner Group purchased a 176-unit apartment community on the U.S. Highway 36 corridor. Holland paid $35.5 million, or $201,705 per unit, for the Eagle’s Landing Apartments at 7402 Church Ranch Blvd. in Broomfield. The apartments were built in 1995. Unit interiors are original to the property, so there is plenty of room to update them and improve the community, according to David Potarf, senior vice president in CBRE’s Denver Multifamily Team. “It’s a real value-add candidate,” he said. Eagle’s Landing is a garden-style community with 24 one-bedroom, one-bath apartments averaging 700 square feet; 16 two-bedroom, one-bath units of 911 sf; 112 two-bedroom, two-bath units averaging 1,029 sf; and 24 three-bedroom, two-bath apartments that average 1,265 sf. The community includes a clubhouse with a fitness center, swimming pool and movie theater, and also has a dog park. The apartments were fully occupied at the time of the sale. Eagle’s Landing generated substantial investor interest, with bidding leading up to four to five strong offers, according to Potarf. Eagle’s Landing is in the Interlocken submarket, which had an apartment vacancy rate of 4.41 percent at the end of fourth-quarter 2015, according to Apartment Insights. “It’s pretty tight up there. Anything in that northwest corridor and anything that has a value-add component is pretty popular,” Potarf said. Eland LLLP sold the community. Potarf handled the sale with CBRE multifamily team members Dan Woodward, Matt Barnett and Jake Young. Holland is a vertically integrated real estate investment company based in Vancouver, Washington. It has approximately 30,000 apartment units valued at approximately $7.5 billion under development and management in the Western United States, according to its website. The company manages two communities in Broomfield – the Catania Apartments and Retreat at the Flatirons – and owns several properties in the Denver area.