Louisville apartments sell for $67M

LOUISVILLE — North Main Apartments at Steel Ranch, a 228-unit apartment community at 1724 Steel St. in Louisville, sold last week for $67 million, or nearly $294,000 per unit.

The seller was Steel Ranch Apartments LLC, a company registered to a Golden address associated with real estate development and investment firm Confluence Cos. The buyer was Oakmont Properties – North Main LLC, an affiliate of California-based property-management firm Oakmont Properties. CBRE’s Dan Woodward, David Potarf and Matthew Barnett represented the seller.

The property was built in 2013 and features one-, two-, and three-bedroom units, a pool, fitness area and on-site pub.

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“North Main is a thoughtfully built community that offers favorable rents, a convenient location for both entertainment and employment, and a Class A alternative to denser surrounding areas,”  Matthew Barnett, senior vice president with CBRE Capital Markets, said in a prepared statement. “High home prices and rents compel many residents who work in northwest Denver to look outside the City of Boulder for housing. Louisville, with its easy accessibility to Boulder, Broomfield Interlocken and downtown Denver, provides a good alternative with its own cultural vibe that is both vibrant and welcoming.”