Colorado Real Estate Journal - April 6, 2016
Holland Partner Group has acquired another apartment community in the northwest metro area, Stonebridge at Twin Peaks. Holland paid $34 million, or $197,674 per unit, for the 172- unit community at 2424 Ninth Ave. in Longmont. The property was approximately 97 percent occupied at the time of the sale. “It has a really good occupancy history. It’s always stayed full – since it’s been built, really,” said David Potarf of CBRE Inc., who represented the seller with CBRE brokers Dan Woodward, Matt Barnett and Jake Young. In addition to higher-than-market occupancy, Stonebridge has experienced strong rent growth and is located in an area undergoing lots of redevelopment, he said. It is just north of the new Village at the Peaks shopping and entertainment area and close to the Golden Ponds Park and Nature Area and Twin Peaks Golf Course. The location provides easy access to Boulder and the U.S. Highway 36 corridor, where Holland Partner Group recently acquired the Eagle’s Landing Apartments. Built in 1998, Stonebridge at Twin Peaks offers Holland Partner Group the opportunity to add value by upgrading units as needed, according to Potarf. The community consists of 40 one-bedroom, one-bath units averaging 736 square feet; 18 two-bedroom, one-bath units with 933 sf; 84 two-bedroom, two-bath units of 1,026 sf; 18 two-bed, two-bath apartments with 1,276 sf; and 12 three-bedroom, two-bath units with 1,276 sf. Townhome-style units are part of the mix. The apartments have energy-efficient, full-sized washers and dryers; crown molding; central air conditioning; ceiling fans; walk-in closets; and balconies and patios. Some units have fireplaces and vaulted ceilings. Resort-style community amenities include a state-of-the-art, 24-hour fitness center; attached and detached garages; reserved, covered carport parking; a heated swimming pool and hot tub with a barbecue area; fully equipped business center; gazebo; professionally landscaped grounds; and views of Twin Peaks. Stonebridge LLC, led by the same family that sold Eagle’s Landing, was the seller.