California investment firm pays $13.6M for Depot Square Apartments
BOULDER — Avanath Capital Management LLC has acquired Depot Square Apartments in Boulder, a 71-unit affordable-housing complex at 3195 Pearl Parkway in the Boulder Junction neighborhood.
Irvine, Calif.-based Avanath Capital Management paid $13.6 million to Depot Square Apartments LLC, registered to developers Jeff Shanahan and Scott Pedersen of Boulder, according to public documents. The deal closed June 29. Depot Square traded at just under $200,000 per unit.
Pedersen Development Co. began building the apartments in 2013 as part of the $55 million Depot Square development in the Boulder Junction neighborhood that includes a Hyatt Place hotel, an RTD bus rapid-transit station, and a five-story parking garage owned by the city of Boulder. Completed in 2015, Depot Square featureslarge patios and balconies; floor-to-ceiling tinted custom glass windows; open floor plans; a black appliance package and wood-style plank flooring.
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Avanath Capital Management is an investment firm that specializes in affordable multifamily housing, urban real estate, and commercial and multifamily mortgages. It owns and/or manages 38 affordable-housing complexes in 11 states.
ARA, A Newmark Company, represented Pedersen Development in the deal with a team made up executives in its Denver office, including vice chairmen Terrance Hunt, Shane Ozment, Jeff Hawks, Doug Andrews, executive managing director Justin Hunt and senior managing director Andy Hellman.
