Low vacancy rate attracts apartment builders

BOULDER — Boulder’s hot market for apartments is making an impact downtown, with a new plan on the books for a project its developers say will be the first apartment building built downtown in 25 years.

Element Properties, a Boulder-based developer and property-management company, and a group of undisclosed investors have purchased the land at 1707 Walnut St. for $2.875 million and plan to build a 20-unit luxury apartment building on the site.

The building, expected to be completed by early 2014, will have about 8,000 square feet of retail space.

Element Properties acquired the 13,539-square-foot lot from MCV 1707 Walnut Investments LLC,…