Apex 5510 apartments in Gunbarrel sell for $75.2M               

BOULDER — Des Moines, Iowa-based Principal Financial Group (NYSE: PFG) has acquired Apex 5510, a 231-unit apartment complex in the Gunbarrel neighborhood northeast of Boulder, for $75.2 million, according to public records.

The 10-building high-end apartment complex on 8.6 acres at 5510 Spine Road was developed in 2014 by Crossbeam Concierge LLC of Bethesda, Md., in partnership with Trammell Crow Residential.

It was built by Brinkmann Constructors of Aurora. The construction process was mired by delays resulting from disputes with contractors. The project received a LEED silver certification from the U.S. Green Building Council in March 2016.

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Brad Blash, co-founder and managing partner of Crossbeam, said the apartments were developed at a cost of $205,000 per unit, or about $47.4 million.

It has 24 studio apartments, 142 one-bedroom apartments, and 65 two-bedroom apartments with 246 surface parking spaces, 27 detached garages and 53 direct access garages. Monthly rental rates at Apex 5510 range from $1,340 to $2,370, according to its website.

The property has 1,250 square feet of retail, a community garden, a bicycle maintenance station, a fitness center, and a pool and clubhouse with views of the Rocky Mountains.

“Boulder is a difficult place to source deals, and it is an attractive market in our view given the disconnect between housing availability and its employment base,” said Kevin R. Anderegg, assistant managing director with Principal Real Estate Investors, Principal Financials real estate segment. “We look forward to being able to add assets there in the future.”