Pair of Boulder apartment buildings near CU sell for combined $95.6M

BOULDER — Two adjacent student apartment complexes in Boulder near the University of Colorado Boulder campus recently sold for a combined $95.6 million, public property records show.

The Province — an 84-unit property at 950 28th St. with two-,three-, and four-bedroom apartments — sold for $53 million, or nearly $631,000 per unit.

The Lotus — a 68-unit property at 900 28th St. also with two-,three-, and four-bedroom apartments — sold for $42,607,600, or nearly $627,000 per unit.

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The communities rent each bedroom individually. The Lotus has 235 bedrooms, with rents starting at about $1,100 per bedroom, according to a leasing agent at the property. The Province has 317 bedrooms and comparable rental rates.

The per-unit cost of the most recent sales of The Lotus and The Province rank alongside some of priciest in Boulder history.

The 26-unit 17 Walnut apartments at 1701 Walnut St. sold last year for $15.6 million, or about $600,000 per-unit. At the time, that was the highest price on record within 750 miles of the property.

Both The Lotus and The Province were purchased by affiliates of Chicago-based Blackstone Real Estate Income Trust. The transactions were part of Blackstone’s takeover of a $1.2-billion student housing portfolio previously

owned by Memphis, Tenn.-based Education Realty Trust (EdR).

The portfolio, acquired in a joint venture with Greystar Real Estate Partners, includes 10,500 beds across 20 student-housing communities near major universities such as Penn State, Arizona State University and the University of Virginia.

“The transaction is consistent with BREIT’s strategy of acquiring high quality, income generating properties that have attractive long-term growth potential,” Frank Cohen, CEO at BREIT, said in a prepared statement when the portfolio acquisition was initially announced in June. “We are thrilled to acquire such a high-quality portfolio of student housing properties, concentrated in leading U.S. universities with growing enrollments, and we are thrilled to build on our long-standing relationship with Greystar.”