297-unit apartment complex planned for Broomfield

BROOMFIELD — One of the nation’s largest developers of multifamily apartment projects is planning to purchase property for a new 297-unit complex in Broomfield.

Wood Partners plans to build Alta Harvest Station Apartments on 13.75 acres at the southwest corner of Wadsworth Boulevard and 118th Avenue. The project, scheduled to be completed in February 2014, is across U.S. Highway 36 from 1stBank Center.

Wood Partners announced in a press release that it planned to break ground for the apartments.

Job growth in Broomfield attracted Wood Partners to the city, which has a number of apartment complexes in the works.

“Our primary goal for this new multifamily community is to serve the nearby Interlocken/Broomfield business hub, where recent job growth has been strong,” Wood Partners director Tim McEntee said in the release.

Alta Harvest Station will be 13 three-story buildings with 175 one-bedroom units, 107 two-bedroom units and 15 three-bedroom units. Average size of the units will be 940 square feet.

According to information submitted to Broomfield during the planning process, Wood Partners intends to purchase the property from Jere Mock. A deed has not been recorded yet by the Broomfield central records office, but during the planning process Wood Partners valued the land at $4.8 million.

Wood Partners projected the cost of construction to be $40.2 million, according to Broomfield records.

Wood Partners is the general contractor. Womack + Hampton, a Dallas-based firm, is the architect.

BOULDER

WESTVIEW: Boulder Housing Partners has closed on its acquisition of 34 newly constructed apartments in north Boulder.

The complex, named WestView Apartments, is at 4600 Broadway and was purchased for $5.28 million.

Boulder Housing Partners will offer the one-, two- and three-bedroom units at below-market rates, and tenants must meet the organizations’ income restriction guidelines, director of development Stuart Grogan said.

The project was built with financial support from the developers of the Two Nine North development in Boulder to meet the city’s requirements for permanently affordable housing, Grogan said. Boulder Housing Partners acquired the property at substantially below market rate, he said.

Builders still are putting a few finishing touches on the property, which should be ready for tenants to move in in November, he said.

The WestView apartments will improve Boulder Housing Partners’ portfolio of properties by offering options to Boulder residents who earn too much to qualify for other types of subsidized housing but cannot afford market rate units, Grogan said.

“To have this balance is a really nice thing for us,” Grogan said.

LUXURY HOMES: Eight homes sold for more than $1 million in Boulder in September, and across the Denver region the number of million-dollar-plus sales increased 38 percent on a year-to-year basis, according to a report on the luxury home market released last week.

The Coldwell Banker Residential Brokerage luxury-home report found 69 luxury homes were sold in the Denver metropolitan area in September, up from 50 in September 2011. In addition to the eight homes in Boulder, one home in Lafayette and one home in Longmont cleared the $1 million price.

The sales in Boulder County dropped from August, when 15 homes in Boulder and one in Louisville sold for more than $1 million. A small seasonal downturn is normal, according to the report’s author.

The report is based on Multiple Listing Service data.

The number of high-end homes sold in metro Denver was down from 74 in August, but the median price of $1.3 million is almost 4 percent higher than the median price in August.

Homes that sold averaged 152 days on the market, the report said, and sellers received 92 percent of their asking price.

FORECLOSURES: The foreclosure numbers in Boulder and Broomfield counties improved in September, with drops in both the number of foreclosures started and completed.

In September, 62 foreclosures were started in Boulder County, down from 76 in August. The city with the most foreclosures initiated was Longmont, with 35, trailed by Boulder, with 14.

Broomfield also saw a drop, with 13 foreclosures initiated in September, down from 24 in August.

The number of foreclosure sales dropped significantly in Boulder County, where 27 properties were sold in September, down from 50 during August. In Longmont, 17 properties were sold, while seven were sold in Boulder.

In Broomfield, there were 10 foreclosures sales in September, down from 11 sales in August.

The data was compiled from the Boulder and Broomfield public trustee’s offices.

FIRESTONE

NEW OFFICES: Developer Chris Wysock has received approval to begin construction on an office park in Firestone that will feature two 10,000-square-foot Class A office buildings.

St. Vrain Office Park will be located in St. Vrain Ranch, a subdivision of 586 single-family homes located across from the Firestone Civic Center, city complex and park at the corner of Sable Avenue and Colorado Boulevard, two miles east of Interstate 25 and one mile south of Firestone Boulevard, which becomes Colorado Highway 119 west of the interstate.

The buildings, in the Southwest Weld County Economic Development Area, are designed for medical and professional use.

Wysock, the project manager, said Mark Biddison is handling sales, leasing or investing, and the real estate broker for the project is Bob Chambers.

Doug Storum contributed to this article. Michael Davidson can be reached at 303-630-1943 or mdavidson@bcbr.com.

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