BOULDER — Real estate developer Don Altman of Boulder has acquired the property that houses Fruehauf’s, an outdoor-furniture store that has been in business in Boulder since 1977.
Altman plans to build affordable housing for people 65 and older at the nearly two-acre site at 1665 33rd St., saying that construction is “a few years away.
“We are looking to create up to 132 congregate-care affordable units on this site, which we think is perfectly located close to essential services including transit, shopping, medical and governmental offices,” Altman said via email. Congregate housing provides an individual or family with a private bedroom or living quarters but shares with other residents a common dining room, recreational room or other facilities.
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Mariah Mayhew, chief executive and president of outdoor-furniture store Fruehauf’s in Boulder, said the company is planning to move the retail store to a new location at the end of this year.
“We’re looking for a space in either Boulder County, Broomfield or Westminster,” Maydew said. “We will continue to operate here (1665 33rd St.) through this selling season. Our lease runs out at the end of 2017.”
Fruehauf Investments LLLP sold the property to DevElement LLC, an entity registered to the principals of Boulder-based Element Properties, for $3.8 million. Within a week, DevElement sold the property to Altman through the entity TAAF LLC for $4.5 million, according to public records.
Altman said TAAF LLC is “related” to The Mapleton Hill Investment group that in 2014 purchased a 14.9-acre site at 311 Mapleton Ave., where Boulder-based AGR Building Inc. has submitted plans to build senior housing. Mapleton Hill Investment purchased the property seven months after Boulder Community Health sold it to Boulder-based Crystal Ridge Colorado LLC.
Altman co-founded AGR Building Inc. but sold his ownership stake several years ago. Altman operates Altman Consulting LLC and works closely with AGR, he said.