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,

SPONSORED CONTENT

Centerra: inspired by a love of Loveland

In Northern Colorado, most people know Centerra as a place to shop, grab a bite or go to a movie. It’s also a favorite location for corporate offices. And it has gained recognition as the region’s top-selling new-home community.

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.