Delo Apartments in Louisville sold for $42M

LOUISVILLE — Delo Apartments, a 130-unit apartment building near downtown Louisville, sold this month for $42 million. 

The seller, Delo Apartments LLC, is an entity registered by Randal Bjerke, a Boulder pulmonologist, to a Boulder residential address, according to the Colorado Secretary of State’s office.

Delo Apartments’ buyer, Boulder County real estate records show, is CT Delo LLC, a holding company registered to the Lakeview address of Hudson Grove Property Management. HGPM’s online property portfolio includes Delo Apartments. 

Pinnacle Real Estate Advisors LLC said in a news release that its brokers facilitated the deal.

“Our team is thrilled to announce the successful closing of Delo Apartments. This off-market transaction involved a loan assumption that provided favorable debt terms,” Pinnacle brokers Mike Krebsbach and Kenny Clarke said in the release. “We were in communication with the buyer a few weeks prior to putting the property under contract, and aware that they were nearing the expiration of their 1031 exchange identification period. Realizing this opportunity would be a fit for our buyer’s exchange – both financially and in the quality of real estate – we presented the opportunity. 

The brokers continued: “The buyer is excited to continue operations in a highly desirable market within Boulder County. The selling partnership is equally excited to move on after a successful period of ownership. During their tenure, they overcame several challenges and played a key role in transforming nearby Downtown Louisville. Despite the complexities of a loan assumption and a highly challenging market environment, we are proud to have worked with all parties to achieve a successful close.”

Built in 2017, Delo Apartments has one-, two- and three-bedroom, market-rate units. Amenities include a fitness center and clubhouse.