1970s-built apartment complexes in Broomfield sell for $63.7M

BROOMFIELD — Aragon Holdings of Los Angeles has acquired two apartment complexes in Broomfield from San Francisco-based private-equity real estate firm FPA Multifamily.

Aragon Holdings paid  $63.7 million for Ten30 and Ten49, apartment complexes that were built in the 1970s. Aragon paid $35.2 million for Ten49 and $28.5 million for Ten30, according to Broomfield County public records.

FPA Multifamily had paid $49.6 million for the two complexes in 2015 —  $20.8 million for Ten30 and $28.8 million for Ten49, according to public records.

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Ten30 is at 1030 E. 10th Ave., and Ten49 is located at 1049 E. Ninth Ave.

The properties, which sit adjacent to each other near the intersection of Sheridan Boulevard and West 120th Avenue, are different but complementary.

Ten30 was built in 1973 and includes 209 units across five buildings on 5.8 acres. Most of Ten30’s units are one-bedroom apartments.

Ten49 was built in 1974 and includes 213 units across 21 buildings on 11 acres. Ten49 offers only two-bedroom units.

Both properties have undergone recent rebranding and capital improvements on a portion of their apartments, including new flooring, appliances and fixtures.

Community amenities at both complexes include a clubhouse/leasing office, fitness center, pool, barbecue-pit  areas, mature landscaping and onsite laundry.

The Broomfield Commons Open Space surrounds the properties, and the Eagle Trace Golf Club is one block away.

“With their central Broomfield location, Ten30 and Ten49 are perfectly positioned to access two of the metro area’s major job centers — Interlocken and north Denver including Thornton/Westminster,” said Jake Young, who along with Dan Woodward, David Potarf and Matt Barnett with CBRE Capital Markets, Colorado Multifamily Investment Properties, represented the seller.

Ten30 was averaging 96 percent occupancy at the time of sale, while Ten49’s recent average occupancy was just north of 97 percent.