Golden West sells Flatirons Terrace for $20 million

BOULDER — Nonprofit senior-housing provider Golden West Communities Inc. has sold Flatirons Terrace, a three-story, 54-unit independent living facility in Boulder, to Harrison Street Real Estate Capital, a Chicago-based private-equity firm, for $20 million, according to public records.

Flatirons Terrace at 930 28th St. will be managed by Dial Communities, a family-owned senior-living company founded in 1999, which operates 17 communities in Illinois, Iowa, Kansas, Nebraska and now, Colorado.

Flatirons Terrace was 95 percent occupied at the time of the transaction.

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In a statement issued in January announcing the pending sale, Golden West’s president and chief executive, John Torres, said the sale would allow Golden West to remain true to its mission — provide affordable housing for seniors —  while remaining independent and upgrading its facilities for residents.

“We believe this is a win for everyone involved, including the residents of Golden West and Flatirons Terrace,” he said.

Golden West opened in 1965 and offers housing for more than 300 seniors on its 3.5-acre campus at 1055 Adams Circle in central Boulder. The campus has three buildings — 11 stories, 14 stories and four stories for independent- and assisted-living.

In 2008, Golden West opened Flatirons Terrace adjacent to the Golden West campus.

Chicago-based real estate brokerage firm Evans Senior Investments’ office in Boulder, led by Jeremy Stroiman, represented Golden West in the transaction.