Luxury apartment complex in Johnstown sold for $70.2M

JOHNSTOWN — Rise at 2534, a 236-unit luxury apartment complex in the 2534 development, has sold, brokerage CBRE Capital Markets said Wednesday in a news release.

The release did not disclose the price of the sale, which closed Tuesday, but according to Larimer County property records, the deal closed for $70.2 million, or $297,500 per unit. That sale price eclipses all but one multifamily apartment deal in Larimer County over the past year; the per-unit price ranks third.

CBRE vice presidents Dan Woodward, Dave Potarf, Matt Barnett and Jake Young represented the seller, A.G. Spanos Cos. out of Stockton, California, operating as Big Thompson Apartments LLC. According to property records, A.G. Spanos purchased land for the property for $2.59 million in 2016.

The buyer is listed as New York City-based Rise at 2534 LLC. The address for the LLC is the same as Sentinel Real Estate Corp., a real estate investment management firm whose portfolio contains more than 25,000 apartment units and 5.5 million square feet of commercial space. Documents filed with the Colorado Secretary of State for Rise at 2534 LLC were filed by Connell J. Watters, senior vice president and counsel for Sentinel.

“Rise at 2534 saw impressive lease-up velocity following its completion last year. Its combination of large units, high-end amenities and a location in a growing submarket surrounded by retail and recreation appealed to residents and investors alike,” Woodward said in a prepared statement. 

Rise at 2534 was completed in January 2020. It is located at 5070 Exposition Drive, adjacent to the Centerra master-planned community. It consists of four four-story buildings on about 8.5 acres with one-, two- and three-bedroom units. Its Class A luxury amenities include spa bathrooms with Bluetooth showerheads, Nest thermostats, keyless fob entry, heated pool, dog park, sports lounge, golf simulator, coffee bar and 24-hour fitness center.

The sale demonstrates the continued strength of the multifamily market along the Front Range despite the disruptions caused by the COVID-19 pandemic.

“Northern Colorado continues to experience unprecedented growth. Apartment fundamentals in the area have proven extremely resilient throughout the pandemic, proof that this location will continue to perform at a high level well into the future,” Woodward said in a statement.

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