Real Estate

BROOMFIELD – The hot market for multifamily residential properties in the U.S. 36 corridor continues to attract developers.

Developers have submitted plans for four projects with the City and County of Broomfield that collectively would build 1,304 units.

The units are in addition to 615 units in two projects that have recently started or are about to start construction.

On Dec. 12, the Broomfield Planning and Zoning Commission reviewed a proposal from Allied Realty Services Ltd. that would build a 374-unit complex on an 18.2-acre site on Via Varra in the Broomfield Business Center development, which is near the Northwest Parkway. Broomfield Business Center LLC owns the land, and the Etkin Johnson Group is developing it as a mixed-use development.

The complex would be a mix of one-, two- and three-bedroom units, with a price projected in the $905 to $1,950 per month range, according to Broomfield planning documents.

The project is expected to cost $50 million, according to Broomfield.

In late November, three projects were presented to the Broomfield City Council in a concept review session.

Camden USA Inc. presented a plan to build a 424-unit development on an 18.9-acre site in Interlocken. The property is located at the southeast corner of Interlocken

Boulevard and Edgeview Drive in southeast Interlocken. The Hines Group is building a four-story, 192,400-square-foot office building, named Eos at Interlocken, immediately north across Edgeview Drive. The building is expected to be complete by mid-2012.

Camden USA estimates the land to be worth $6 million and the new construction to be worth $46 million, and rental rates are projected to extend from $1,015 to $1,550 per month, according to Broomfield.

Across U.S. 36, Wood Partners LLC, a Marietta, Georgia-based developer of multifamily projects, is proposing to build a 297 unit complex. The site is southwest of West 118th Avenue and Wadsworth Boulevard in the original Broomfield area.

Wood Partners project, named the Alta Harvest Station Apartments, would be a short walk to the Regional Transportation District park-n-Ride at the Arista development.

Rents would range from $1,000 to $1,700, and the project would cost about $40.2 million, according to a memo from the Broomfield Planning Department.

The third project would be built near the West 120th Avenue and Lowell Boulevard intersection, which is near Broomfield’s border with Westminster.

Wasatch Advantage Group is seeking to build a 209-unit complex on a 9.4-acre parcel currently owned by the Mountain States Baptist Church. Rents are projected to be between $875 and $1,500, and the cost of the project is expected to be about $21.6 million.

The latter three projects have to go through the planning review process and be approved by the Broomfield Planning and Zoning Commission and City Council.

Two other large project are about to be built. Work has begun on the Arista Uptown Apartments, a 272-unit community being built by Smith/Jones Partners LLC, a Denver-based firm.

AMLI Residential Construction LLC is expected to start work on the 343-unit AMLI at Interlocken complex in the next few weeks, Broomfield Deputy City and County Manager Kevin Standbridge said.

BOULDER

CAMPUS APARTMENTS: A national owner and developer of residential housing for college students has purchased a 2.58-acre site adjacent to the University of Colorado campus for $6.025 million and plans to build 59 units for students.

Education Realty Trust Inc. (NYSE: EDR), which is based in Memphis, Tennessee, purchased the Lotus Center at 900 28th St. in a deal that closed in November.

The site is across 28th Street from the CU campus. It currently is occupied by the Lotus Lofts, a nine-unit apartment complex that consists of 40 beds, according to a release from EDR.

The trust formed 28th & Aurora at Boulder LLC to complete the transaction. Flatirons Village LLC was the owner.

The previous ownership group, which included Realtor Tom Kalinski, received approval from the city of Boulder to add adjacent buildings with 59 one-, two-, three- and four-bedroom units to the site. The project, named Flatiron’s Village, would have a total of 199 beds. Four floors of housing would be built over an underground parking garage.

Education Realty Trust plans to build the project, which it said will cost $19.7 million. Work is expected to begin in 2012 and to be complete by summer 2013, according to the release.

HOSPITAL BREAKS GROUND: Boulder Community Hospital on Dec. 7 broke ground on construction of the Anderson Medical Center, a major outpatient services facility to be constructed at the BCH Foothills Hospital campus in east Boulder.

The Anderson Medical Center is an important component of the hospital’s expansion plan and is scheduled to be completed in December 2012. The 46,000-square-foot center will house a cardiac center, outpatient surgery center and offices for several medical practices.

Boulder resident and Valleylab co-founder Bob Anderson and his wife, Sydney, made a $2 million donation to help fund the center.

Boulder-based Wyatt Construction Co. is the general contractor on the $110 million hospital expansion project that includes expanding the existing hospital and parking garage, plus adding a wing for patient rooms and parking.

JVA Inc. in Boulder is the structural and a civil engineering company, and Boulder Associates Inc., an architecture firm, is handling the design.

GREEN MOTORS: Green Eyed Motors LLC, a used-car dealership that sells hybrids and fuel-efficient cars, is the latest green vehicles company to lease space at 3200 28th St. in Boulder.

Green Eyed Motors, which was formed earlier this year, signed a lease for about 400 square feet of showroom space at the former Champion Ford dealership. It also has about 22 spaces in the dealership’s lot for its inventory, said Luke Walch, one of the company’s partners.

Green Eyed Motors will share the building with Primoris Energy Solutions Inc., dba Green Garage, and Boulder Hybrid Conversions LLC. Opti-Bike LLC, a creator of electric bikes, and The Tire Source Inc. also are located there.

Green Garage, an environmentally friendly auto service shop, will service and inspect Green Eyed Motors’ vehicles, Walch said. 

Tim Conarro of The Colorado Group represented Green Eyed Motors.

BROOMFIELD

NEW HQ:  The American subsidiary of one of the world’s largest thread manufacturers has sewn up a lease for it news U.S. headquarters in Broomfield.

Amman USA, the U.S. distribution arm of the Amman Group, which is based in Bonnigheim, Germany, has leased a 31,314-square-foot space at 452 Burbank St.

Amman USA is moving its office and operations from Thornton, were it has been based since 1998, managing director Richard Hirsch said.

The company plans to employ up to 19 people in Broomfield, Hirsch said.

“It’s still a small operation,” he said.

The Amman Group specializes in embroidery and industrial sewing threads, and it is the third-largest thread manufacturer in the world. The market for industrial threads, often made of synthetic materials such as Kevlar or nylon, is in the hundreds of millions of dollars in the U.S., Hirsch said.

The company will be occupying a space that has been vacant for a number of years, according to the Broomfield Economic Development Corp.

AIRCELL GROWS: Aircell, a provider of in-flight communications systems for business aircraft, has signed a lease to greatly expand its office space in Broomfield.

The company has leased an additional 15,049 square feet at Eldorado Ridge I, 11001 W. 120th Ave., according to the Broomfield Economic Development Corp.

The space is in addition to its current location at 303 S. Technology Court in Broomfield.

Aircell Business Aviation Services LLC is a subsidiary of Gogo LLC. The Broomfield office is the home of its business aircraft unit.

David Hart and Chris Phenicie of CB Richard Ellis Inc. represented the building owner, according to the Broomfield EDC.

LONGMONT

MOBILE VILLAGE SOLD: Countryside Village, a 38-acre mobile home community at 1400 S. Collyer St. in Longmont, has changed ownership in a deal worth $19.85 million.

The property was purchased by AMC Countryside Village Longmont LLC. The new owners are affiliated with AMC Manufactured Communities, which is based in Addison, Texas. AMC REIT was formed in 2011 and has invested in “16 premium manufactured housing communities across the United States,” its website said.

The prior owner was Long Field Woods SPE LLC, which was affiliated with Hometown America Communities, which is based in Chicago.

Michael Davidson can be reached at 303-630-1943 or email mdavidson@bcbr.com.

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