Sale price of Boulder apartment complex triples in 10 years

BOULDER — Ownership of the 192-unit Sterling University Peaks Apartments east of the University of Colorado campus has changed for the third time in 10 years, tripling in price since 2005.

Crack Shot LLC, an entity formed in 2014, purchased for $22 million the apartment complex at 2985 E. Aurora Ave., from Sterling UCAL LLC, an entity of University Communities based in Denver.

Sterling UCAL had purchased the 73,152-square-foot complex that caters to students in 2009 for $10.4 million from a group of California investors under the FPA Sterling Associates LLC name, according to Boulder County public records. The seller previously had purchased the apartments for $7.6 million in 2005.

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The apartment complex features one- and two-bedroom units with a fitness center, swimming pool and other amenities.

Newcastle Properties Inc., a property and asset-management company based in Centennial and headed by Kevin Kurtz, will manage the apartment complex, according to a spokeswoman at the apartment complex. Crack Shot LLC’s registered agent is attorney James L. Kurtz-Phelan in Denver, according to documents filed with the Secretary of State’s office.