Arista Uptown apartments sold to Goldman affiliate for $95M

BROOMFIELD — A real estate investment affiliate of Goldman Sachs Group Inc. has purchased the 272-unit garden-style apartment community Arista Uptown in Broomfield for $95 million.

The deal represents the second major multifamily transaction in the Arista development in as many months. 

Goldman, through holding company Buyer Arista Uptown Owner LLC and in partnership with Kennedy Wilson Holdings Inc. (NYSE: KW), purchased the roughly 10-year-old Arista Uptown from Seagate Arista Associates LLC, Broomfield property records show. Seagate is a Denver-based real estate investment firm.

The new owners plan to “renovate unit interiors, refresh common areas and enhance amenities to improve the renter experience,” according to a KW news release, at a cost of $4 million. 

“Arista Uptown meets a critical need for attainable, quality housing in the Denver metro area as residents feel the growing pressure of the high costs of living in city centers,” KW managing director Nick Bridges said in the release. “We see significant long-term opportunity in adding Arista Uptown to our growing Mountain West portfolio, driven by the region’s sustained population growth, continued influx of tech companies and new development that promises to attract even more jobs to the region. Broomfield and surrounding neighborhoods will continue to benefit as renters look to the suburbs for more space, relative affordability and easy commutes within a vibrant and growing market.”

The Arista Uptown sale comes less than a month after 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., for $191 million.

That buyer, Millburn, was also a previous owner of Arista Uptown prior to selling it to Seagate for $65 million in 2016.

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.

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