The Boulders apartment complex fetches $62.5M

BOULDER — The Boulders, a 161-unit Boulder apartment community at 2850 Kalmia Ave., changed hands earlier this month for $62.5 million.

The buyer, according to Boulder County public records, is Boulder Apt CO Inc. That newly formed entity is affiliated with Chicago-based real estate investment trust Heitman LLC.

The seller of the 26-year-old property was ARE-LEI Boulder Associates LLC, which is an affiliate of Broadshore Capital Partners.

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Newmark Knight Frank Multifamily Brokers vice chairmen Shane Ozment and Terrance Hunt, and executive managing director Justin Hunt and Andy Hellman represented the seller, according to a NKF news release.

“This was a fantastic opportunity to purchase an insulated asset in a core market,”

Hunt said in a prepared statement. “Demand for multi-family is exploding in Boulder because of the high cost of single-family homes, development constraints and demographics favoring

renting over buying.”

Heitman intends to renovate The Boulders community, which last sold in 2014 for $44.2 million.