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Page 18 - December 5-18, 2018 www.crej.com Boulder County & U.S. 36 Corridor BEAU GAMBLE 303.945.2028 beaugamble@deancallan.com Dean Callan & Company, Inc. 1510 28th Street, Suite 200 Boulder, Colorado 80303 303.449.1420 deancallan.com For more information on these available listings please contact: Serving Boulder County and the Surrounding Area Since 1963 KEVIN NELSON 720.464.3950 knelson@deancallan.com OFFICE SPACE FOR LEASE 5303 SPINE ROAD, BOULDER, CO DOWNTOWN OFFICE | RETAIL SPACE FOR LEASE 1615 PEARL STREET, BOULDER, CO FLEX | R&D | LAB SPACE FOR LEASE 1733 MAJESTIC DRIVE, LAFAYETTE, CO CREATIVE OFFICE | FLEX SPACE FOR LEASE 2205 CENTRAL AVENUE, BOULDER, CO CREATIVE OFFICE SPACE FOR LEASE 5505 CENTRAL AVENUE, BOULDER, CO NEW RETAIL SPACE FOR LEASE GUNBARREL CENTER 5340 GUNBARREL CENTER COURT, BOULDER, CO COMMERCIAL REAL ESTATE FOR LEASE by Jill Jamieson-Nichols A townhome-style apartment community in Boulder sold to a California buyer for $21 mil- lion, or $512,195 per unit. Wonderland Creek Town- homes, located at 3701 Paseo del Prado, was developed and sold by WCT LLC, a partner- ship of Scott Woodward of Boulder and Brinkman Part- ners. Eng-Skell Co. was the buyer, according to Boulder County records. The 41-unit community was completed in 2017 and was 78 percent leased, offering the opportunity to increase income by leasing up the vacant units. “The buyer saw the upside and wanted to own in Boul- der – obviously a tremendous market with high barriers to entry,” said Justin Hunt, execu- tive managing director with Newmark Knight Frank Mul- tifamily, which handled the sale. Wonderland Creek Town- homes average 1,205 square feet and feature condo-quality construction, said Hunt, who handled the sale with Andy Hellman, also of NKF Multi- family. The community has six three- bedroom, two-bath units. The rest are two-bedroom, two- bath floor plans. Each unit has either an attached or detached garage. “We saw buyers from all over the country that looked at it,” said Hunt. Newmark Knight Frank Multifamily has sold around $326 million worth of apartment properties in Boul- der since 2016 and typically sees national and even internation- al buyers. “It’s on everyone’s radar. It’s a unique market in Colorado,” Hunt said. Wonderland Creek Town- homes includes high-end fin- ishes, large balconies and patios, double master bedrooms, first- floor powder rooms, walk-in closets, in-unit washers and dry- ers, and Flatirons views. The property has community open space and direct access to the Wonderland Creek Greenway Trail. While condo conversions in Colorado are rare due to the risk of construction defects litigation, if that ever should change, “I do think down the road this property in particular is a great candidate to be converted given the construction quality and for- mat,” Hunt commented. Wonderland Creek’s occupan- cy was low considering Boul- der’s overall vacancy is under 5 percent and typically among the lowest in the Denver metro area. However, a May 29 Daily Camera article indicates many tenants were caught off guard when monthly rents jumped by hundreds of dollars as move-in specials expired. Market rents average $2,767 per month. Other News n Boulder City Council approved an agreement by which Boulder Housing Part- ners will act as joint master developer of the city’s 30Pearl project. BHP will manage predevel- opment entitlements, infra- structure and construction of 120 affordable homes on the 4.6-acre site at Boulder Junc- tion. “This kind of innovative partnership we excel at,” said Jeremy Durham, executive director of BHP. “Working with the city, we’ll fulfill the com- munity’s vision of a vibrant district with new affordable homes for a wide range of resi- dents.” BHP will finance the project thorough a variety of sourc- es, including private activity bonds, tax credits and grants. Affordable homes at 30Pearl will range from one- to three- bedroom units priced at 30 to 60 percent of area median income. “We’re eager to get started on this important project,” Dur- ham said. “Everyone in Boul- der feels the pinch of rapidly rising home prices and stag- nant incomes. This is one way we can make Boulder more inclusive.” n Ethan Allen relocated its Westminster Design Center to Superior Marketplace. The new 12,000-square-foot design center is located at 500 Mar- shall Road in Superior. s Wonderland Creek Townhomes trade in $21 million deal Wonderland Creek Townhomes offered the buyer upside in boosting occupancy.

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