Economy & Economic Development  September 11, 2015

California firm pays $50M for Ironhorse apartments in Longmont

LONGMONT — NALS Apartment Homes, a California-based real estate investment firm, closed this week on the $50 million purchase of the Ironhorse at Mill Village Apartments in southeast Longmont

NALS bought the upscale 220-unit complex from Mill Village Apartments LLC, an investment group led by Longmont developers Roger Pomainville and Wendell Pickett. The apartments sit at the southeast corner of Colorado Highway 119 and Third Avenue.

The first Ironhorse apartments opened a year ago, with the final buildings completed in February of this year. Pomainville said the complex was fully leased at the time of the sale.

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Pomainville said the complex was built “with the idea that we’d keep it forever.” But with the apartment market booming along the Front Range thanks to ultra-low vacancy and high rents, he said the investor group received an offer for Ironhorse “out of the blue” already last year, spurring the group to further explore the market.

“The investors said let’s see what they’ll give us, and we were kind of amazed it was so hot,” Pomainville said.

Pomainville declined to disclose the final development costs for the project. But when construction began in 2013, the project cost was then estimated at $34 million.

Ironhorse is NALS’s fourth apartment complex in Colorado, with the others located in Thornton, Denver and Englewood.

Ironhorse has one- and two-bedroom models, as well as some two-bedroom townhouse units. The complex also has a clubhouse. Rents range from $1,274 to $2,199, according to the complex’s website.

“It’s a real quality product,” Pomainville said.

Pomainville originally bought 80 acres of land at the site where the Mill Village neighborhood now sits. Most of the land was sold to developers for single-family homes and townhomes. Pomainville also built a 45,000-square-foot commercial office building in 2000. The Ironhorse apartments took up the final chunk of land at the site.

LONGMONT — NALS Apartment Homes, a California-based real estate investment firm, closed this week on the $50 million purchase of the Ironhorse at Mill Village Apartments in southeast Longmont

NALS bought the upscale 220-unit complex from Mill Village Apartments LLC, an investment group led by Longmont developers Roger Pomainville and Wendell Pickett. The apartments sit at the southeast corner of Colorado Highway 119 and Third Avenue.

The first Ironhorse apartments opened a year ago, with the final buildings completed in February of this year. Pomainville said the complex was fully leased at the time of the sale.

Pomainville said the complex was built…

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