CREJ - page 45

August 19-September 1, 2015 —
COLORADO REAL ESTATE JOURNAL
— Page 5AA
Multifamily
est from buyers, if the rents had
been stabilized.
“It was still in lease-up stage
and some buyers of these core-
asset deals prefer to buy after
the rents have been stabilized,”
Koster said.
Still, there were multiple
offers on the property, which
is passed each day by 34,000
vehicles on Broadway and
is visible from Interstate 25,
which has a daily traffic count
of 200,000.
Greystar liked 1000 S. Broad-
way for the same reasons that
drew Fore to the site, Koster
said.
“It’s not unlike what is hap-
pening in River North,” Koster
said.
“At first, people are like,
‘What are you doing here?’
Now, everyone is seeing all of
the growth happening; it seems
so obvious that was going to
take off.”
Not only are first-class apart-
ment communities a sign of
how attractive these urban
neighborhoods are to millenni-
als, but they also are changing
the urban fabric of them, she
said.
“Often, these new apart-
ments are the catalyst for even
more developments,” Koster
said.
Greystar and other prospec-
tive buyers, like Fore, liked the
1000 S. Broadway site because
of its proximity to light rail.
At the same time, 1000 S.
Broadway is in a class by itself,
as far as other urban, infill sites,
she said.
“What 1000 S. Broadway has
going for it that no other devel-
opment has is that it is across
the street is a 40-acre site to
be developed,” probably most-
ly into industrial and offices,
Koster said.
“This is an area that is
really evolving and is going
to change, especially with a
40-acre development across the
street,” she said.
Other News
n
Alta Bridge Square LLC
paid $12.18 million for the 168-
unit Bridge Square Apartments
at 80 S. 18th Ave. in Brighton.
A Las Vegas company recently sold this 260-unit apartment community on the former Gates Rubber site.
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