Real Estate & Construction  October 7, 2014

Broomfield apartment complex sells for $52.5 million

BROOMFIELD — A Salt Lake City-based real estate investment firm has purchased the Arista Uptown Apartments in Broomfield for $52.5 million.

Arista Uptown Colorado LLC, an entity formed by MNC Properties, a group of investors led by Jed Millburn, purchased the 272-unit apartment complex on 6.7 acres at the southwest corner of Uptown Avenue and Arista Place from CRP SJ Arista LLC, an entity formed by the apartment complex’s developer, Smith|Jones Partners of Denver, and other owners of the complex.

Construction of the apartment complex that consists of seven three-story buildings started in November 2011 and was completed in June 2013. It is located in the Arista neighborhood west of the aLoft Hotel and south of The Children’s Hospital Therapy Clinic.

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The complex has studio, one- and two-bedroom apartments that range from $1,000 to $1,800 per month. It has a clubhouse, fitness center, swimming pool, spa and a community park.

Millburn said the complex had an occupancy rate of 95 percent at the time of closing. He said the group plans to hold the property for at least 10 years.

BROOMFIELD — A Salt Lake City-based real estate investment firm has purchased the Arista Uptown Apartments in Broomfield for $52.5 million.

Arista Uptown Colorado LLC, an entity formed by MNC Properties, a group of investors led by Jed Millburn, purchased the 272-unit apartment complex on 6.7 acres at the southwest corner of Uptown Avenue and Arista Place from CRP SJ Arista LLC, an entity formed by the apartment complex’s developer, Smith|Jones Partners of Denver, and other owners of the complex.

Construction of the apartment complex that consists of seven three-story buildings started in November 2011 and was completed in June 2013. It…

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