Investors trade Boulder apartment complex for $159M

BOULDER — In what could be one of the Boulder Valley’s richest multi-family transactions of the year, a pair of out-of-state real estate investment companies recently traded the upmarket 3100 Pearl apartment complex in Boulder’s Boulder Junction neighborhood for $159 million.

The seller, according to Boulder County property records, was 3100 Pearl Owner LLC, a holding company controlled by Rockwood Capital Partners LLC, New York-based investor with more than $14 billion in assets under management. 

Kairoi Residential, a San Antonio, Texas-based multifamily housing investor and property-management firm, took over the 319-unit, four-building community through holding company KG 3100 Pearl Owner LP. Kairoi owns and manages properties throughout the Denver metropolitan area, including in Westminster and Brighton,

Neither party immediately responded to requests for comment Tuesday morning.

The roughly 10-year-old 3100 Pearl complex was recently rebranded from Griffis 3100 Pearl, a name that reflected Greenwood Village-based Griffis Residential, the community’s management company under its previous ownership.

Its buildings have four stories and feature studios, one- and two-bedroom apartments. Amenities include a roofdeck, yoga room, fitness center and resident lounge. 

The $159 million sale of 3100 Pearl, recorded last week, represents a per-unit cost of more than $498,000. 

The property last changed hands in 2016, when Rockwood bought what was then dubbed Solana 3100 Pearl from an affiliate of Greystar Real Estate Partners for $136 million, or $426,332 per unit. 

Next door to 3100 Pearl is The Reve apartment community at 3000 Pearl Street. Southern Land Co. — the developer of The Reve project, which also includes a large office component — offloaded the central Boulder multifamily property near Google’s Pearl Street campus in 2021 to a series of holding companies operated by Carlsbad, California-based Virtu Investments for $151.25 million. With only 244 units, the per-unit price of The Reve was nearly $620,000. 

on Facebook on LinkedIn