Real Estate & Construction  April 30, 2020

California company buys 288-unit Broomfield apartments for $90M

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BROOMFIELD — A Sacramento-based property management company with several holdings in Colorado paid $90.72 million to acquire 288 apartments in Broomfield this week.

According to a press release from CBRE’s Denver office, Indiana-based developer Garrett Cos. LLC sold the property at 13872 Del Corso Way to FPI Management Inc. in an off-market sale that closed April 28. The deal amounts to $315,000 per unit.

The deal was not yet recorded with the Broomfield County property records as of Thursday afternoon.

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FPI owns 16 apartment complexes along the Front Range, including the Affinity-branded apartments in Fort Collins, Loveland, Lafayette and Colorado Springs. It also owns the Copper Peak apartments in Longmont and the Caliber at Hyland Village complex in Westminster.

 

BROOMFIELD — A Sacramento-based property management company with several holdings in Colorado paid $90.72 million to acquire 288 apartments in Broomfield this week.

According to a press release from CBRE’s Denver office, Indiana-based developer Garrett Cos. LLC sold the property at 13872 Del Corso Way to FPI Management Inc. in an off-market sale that closed April 28. The deal amounts to $315,000 per unit.

The deal was not yet recorded with the Broomfield County property records as of Thursday afternoon.

FPI owns 16 apartment complexes along the Front Range, including the Affinity-branded apartments in Fort…

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Ken Amundson is managing editor of BizWest. He has lived in Loveland and reported on issues in the region since 1987. Prior to Colorado, he reported and edited for news organizations in Minnesota and Iowa. He's a parent of two and grandparent of four, all of whom make their homes on the Front Range. A news junkie at heart, he also enjoys competitive sports, especially the Rapids.
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