Solana 3100 Pearl apartments in Boulder sell for $136 million

BOULDER — Investor interest in Boulder apartments doesn’t appear to be going anywhere any time soon.

The high-end Solana 3100 Pearl apartments sold last week for $136 million, or $426,332 per unit, according to Boulder County records.

Real Estate Investment firm Rockwood Capital — which has offices in New York, San Francisco and Los Angeles — used an entity called 3100 Pearl Owner LLC to buy the apartments from Greystar, an apartment investment and management giant based in South Carolina.

Residents of the 319-unit complex over the weekend received notice that the apartments are now under management of Greenwood Village-based Griffis Residential, which owns and manages a portfolio of apartment communities in Colorado, Texas, Nevada and Washington.

Griffis Residential’s website now lists the name of the complex as Griffis 3100 Pearl.

Rockwood officials declined comment on the purchase, and officials for Griffis could be reached for comment Monday.

The 3100 Pearl apartments were one of the first projects to get under way in 2012 near the intersection of Pearl and 30th streets, which has since boomed with redevelopment activity. Across the street to the north is the mixed-use Depot Square development, which includes a Hyatt hotel, bus station and affordable housing. Adjacent to the west, at the southeast corner of 30th and Pearl, developers are planning a large mixed-use redevelopment called Reve. On the west side of 30th, meanwhile, Google is building the first phase of a 300,000-square-foot campus.

Other projects are taking shape farther north, and Boulder officials are in the process of deciding what to do with the city-owned Pollard Motors site at the northeast corner of the 30th and Pearl intersection.

The 3100 Pearl deal marks one of the largest per-unit apartment sales ever in Boulder. A pair of student-oriented complexes that rent on a per-room bases sold last year for $581,000 and $617,000 per unit, respectively. But for general market-rate apartments, the 3100 Pearl sale tops that of Two Nine North, which is just south of the new Google campus. Two Nine North sold in 2014 for $93.5 million, or $393,000 per unit.

An apartment complex in Denver’s Golden Triangle neighborhood sold earlier this year for $535,700 per unit.

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