Uptown Broadway apartments sell for $27M

BOULDER – Los Angeles-based real estate investment firm CityView has paid $26.9 million for the 116 market-rate apartments at Uptown Broadway in North Boulder.

Rural Boulder County couple Jeff and Mindy Sanders had owned the 10 buildings included in the deal. Jeff Sanders said nonprofit Thistle Communities retains its ownership of the other four buildings and 32 rent-controlled apartments in the complex.

The 14 apartment buildings sit south of Yarmouth Avenue between 13th and 14 streets.

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Sanders and his wife purchased the market-rate apartments in 2008 for $22.9 million from a development group headed by Jim Loftus.

“My program over the years has been to hold them five to seven years, build some equity, and roll it into a bigger property,” Jeff Sanders said Tuesday. “That’s the plan here.”

Sanders, who also owns an apartment complex in Denver, said he is under contract to purchase a property in Fort Collins, but couldn’t yet disclose the location or the price.

Completed in 2005, the Uptown apartments were part of a development that also included 35,000 square feet of retail space and 41 lofts. The Uptown Broadway development was part of the revitalization along the northern portion of Broadway that has taken place over the past several years.

The Uptown apartments include one- and two-bedroom units, with flats on the first level and two-story units on the second and third levels, all ranging in size from 600 to about 1,200 square feet. Sanders said the apartments were built so that they could be converted into for-purchase condominiums at some point.

CityView owns The Lofts at Peloton Boulder, an apartment complex on Arapahoe Avenue.

An official for CityView – which bought the Uptown apartments through the entity SWF Uptown Broadway LLC – did not respond to messages left concerning the purchase. But Sanders said CityView will operate Uptown as apartments for at least the near term.

“I don’t know what their long-term plans are,” Sanders said.