San Francisco investors pay $50M for Willow Run

BROOMFIELD — A San Francisco-based real estate investment firm has purchased the Willow Run Village apartments in Broomfield for $50 million.

Hamilton Zanze Investments purchased the 10-building, 216-unit apartment complex at 12621 Zuni St. from Griffis/Blessing of Colorado Springs.

The complex was built in the late 1990s. Griffis/Blessing acquired the property in 2012 for $28.2 million, according to Broomfield County public records.

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Amenities include a 24-hour fitness center, basketball court, clubhouse, dog park, playground, pool and hot tub. The property was 92 percent leased at the time of sale.

Griffis/Blessing made approximately $2.7 million in capital improvements to the property, which included refurbishing the building exteriors, remodeling the clubhouse and fitness center, enhancing the pool area and other shared amenities, and upgrading unit interiors, according to Gary Winegar, president of investment services at Griffis/Blessing.

“Willow Run was our standard value-add play,” Winegar said.

CBRE’s Dan Woodward, David Potarf and Matt Barnett represented the seller.

“There is more capital available today for value-add than any other multifamily strategy, which is resulting in heavy competition and strong pricing for properties like Willow Run,” Barnett said.