Boulder Assets Sell For Combined $28M
Two multifamily properties totaling 92 units sold for a combined $28M, Newmark Knight Frank said this week.
The two, 2121 Canyon at 2121 Canyon Blvd. and 2000 Walnut at 2000 Walnut St,. were sold by Boulder-based Element Properties to New York-based Clarion Partners. The 60-unit 2121 Canyon sold for $17.5M and the 32-unit 2000 Walnut sold for $10.5M.
NKF’s Andy Hellman and Justin Hunt and Transaction Manager Katie Hufnagel represented Element Properties in the two separate transactions.
“The 2121 Canyon and 2000 Walnut offering was an incredibly rare opportunity to acquire contiguous scale blocks from Pearl Street mall,” Hellman said in a statement.
He added that Clarion Partners plans to use the two assets as their anchor and grow their presence in the Boulder market.
Both building were revamped recently: 2121 Canyon was constructed in 1968, and underwent renovations in 2019, and 2000 Walnut was constructed in 1972 and underwent renovations in 2015.
"[This transaction] was a rare opportunity, given Boulder’s prohibitive barrier to entry and exorbitant replacement cost,” Hunt said.
Clarion Partners has several other assets in the Denver metro. Most notably, in early 2018 it purchased the Pauls Industrial Portfolio for more than $200M.