BHP acquires 26-unit apartment complex in Boulder for $7.6M

BOULDER — Boulder Housing Partners, the housing authority for the city of Boulder, has acquired 2037 Walnut, a 26-unit apartment complex one block from the Pearl Street Mall in Boulder, for $7.6 million.

BHP, using the entity name 2037 Walnut Community LLC, bought the property from a group of investors led by Boulder-based Scott Holton and Chris Jacobs of Element Properties. The group paid $4 million for the property at 2037 Walnut St. in 2012 and made improvements to the complex in 2014.

The sale resulted in a 4.38 percent cap rate.

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The property consists of one-bedroom units, averaging a little more than 400 square feet and each has a private patio. Renovations at the property included new kitchens and bathrooms, stainless steel appliances, engineered hardwood floors and energy efficient appliances. The property was constructed in 1981.

ARA Newmark’s senior managing director, Andy Hellman, and executive managing director, Justin Hunt, represented the sellers.

“2037 Walnut’s marketing campaign yielded eight offers and pricing, which exceeded the original whisper price,” Hellman said.