Boulder-based developer Element Properties has sold the 17 Walnut apartments to a Manhattan-based real estate firm for $15.6 million.

Manhattan-based real estate firm pays top dollar for apartments in Boulder

BOULDER — A boutique apartment complex in Boulder consisting of 26 units has be sold for $15.6 million, making its $600,000 per-unit price and $654 per-square-foot price the highest within 750 miles of the property.

Manhattan-based Rivendell Global Real Estate purchased 17 Walnut apartments at 1701 Walnut St., from Boulder-based developer Element Properties, which was represented by investment brokerage ARA Newmark’s senior managing director Andy Hellman and executive managing director Justin Hunt.

“Pricing of this caliber rarely, if ever, makes its way outside of Tier 1 coastal markets,” Hellman said. “This was a true testament to what great real estate in Boulder, Colorado can yield.

“Element designed and built a remarkable property; the buyer recognized the asset’s uniqueness given its high-end finishes and irreplaceable location surrounded by million-dollar-plus homes and condos. The resulting sale price was justified by the rare opportunity to own such a centrally located, high-quality property in the high barrier-to-entry Boulder market.”

Hellman said that the asset, bolstered by a successful marketing campaign, drew a diverse pool of local and national buyers and multiple offers – even with the complexity and uncertainty of a loan assumption.

Constructed in 2015, the apartment complex features one-, two- and three-bedroom floor plans with large windows and private balconies that provide views of the Flatirons. The complex has heated underground parking, bike storage and repair shop, private courtyard with barbecue grills, dog wash and lobby with Wi-Fi, coffee bar and breakfast service. The apartments are two blocks from the Pearl Street pedestrian mall and minutes from hiking and biking on the 300-mile trail system.

“Boulder is emerging as a key source of venture capital, and tech firms of all sizes are flocking to Colorado’s ‘Silicon Mountains’,” Hunt said.  “Twitter is moving into a new, 60,000-square-foot site, and Google is building a $150 million campus to employ 1,500 people.”


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