Arista developer sells parcel to California developer

BROOMFIELD — An 11-acre parcel within Broomfield’s Arista development was recently purchased by a California real estate development and investment company that plans to build a 325-unit apartment community on the vacant lot between Wadsworth Parkway and Destination Drive.

A holding company affiliated with Steadfast Asset Holdings Inc. bought the property in March for $7.2 million from Arista developer Park 36 Investments LLC, an entity led by Tim Wiens of Wiens Capital Management.

Steadfast owns a host of multi-family properties in Colorado, including the Patina Flats apartment complex in Loveland and PeakView at T-Bone Ranch in Greeley. 

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Company representatives appeared in February before Broomfield’s Planning and Zoning Commission to provide an overview of the project. 

Plans for the apartment community call for one- to three-bedroom units that range in size from 727 square feet to 1,345. The project would also include a pool, spa and other amenities. 

The project does not include any affordable housing units. Steadfast has agreed to a $815,775 cash-in-lieu payment to the city.