Real Estate & Construction  October 14, 2021

Arista Flats apartments in Broomfield fetch $191 million

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BROOMFIELD — In one of the Boulder Valley’s richest multi-family housing deals of the year, the Chicago developer of the Arista Flats apartment community in Broomfield sold off the massive complex for $191 million.

Real estate investment trust AMLI Residential, through holding company PPF AMLI 8200 Arista Place LLC, offloaded the 526-unit Arista Flats complex at 8200 Arista Place to RAC Arista SPE LLC, an affiliate of Utah-based investor Millburn and Co., Broomfield real estate records show.

AMLI began construction on the community, which includes one-, two- and three-bedroom units that rent from about $1,500 to $2,300 per month, in 2007 and broke ground this year on an expansion project. 

“Arista is quickly becoming its own community and forming its own identity just as was originally envisioned,” AMLI project manager Joe Zepeda said in a July statement released at the time of the expansion groundbreaking.

Arista is a 200-plus-acre mixed-use, transit-oriented community that surrounds the 6,500-seat 1st Bank Center off U.S. Highway 36 between Boulder and Denver.

When complete, Arista is expected to have more than 2,000 residential units, more than 150,000 square feet of retail, more than 200,000 square feet of medical space and close to 500,000 square feet of Class-A office space.

Millburn and Co. has experience with Arista multi-family properties, having previously owned the Arista Uptown.

The company sold that 272-unit asset in 2016 for $65 million.

In Colorado, Millburn also has a presence in Aurora and Colorado Springs.

“Our strategic approach to identifying, acquiring, and managing properties has consistently generated strong cash flow and solid financial returns for our investors,” according to Millburn’s website. 

© 2021 BizWest Media LLC

BROOMFIELD — In one of the Boulder Valley’s richest multi-family housing deals of the year, the Chicago developer of the Arista Flats apartment community in Broomfield sold off the massive complex for $191 million.

Real estate investment trust AMLI Residential, through holding company PPF AMLI 8200 Arista Place LLC, offloaded the 526-unit Arista Flats complex at 8200 Arista Place to RAC Arista SPE LLC, an affiliate of Utah-based investor Millburn and Co., Broomfield real estate records show.

AMLI began construction on the community, which includes one-, two- and three-bedroom units that rent from about $1,500 to $2,300 per month, in 2007 and…

Lucas High
A Maryland native, Lucas has worked at news agencies from Wyoming to South Carolina before putting roots down in Colorado.
Categories: Broomfield Real Estate & Construction
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