CBRE Completes $44.2 Million Sale of Stonebridge at Twin Peaks Multifamily Community in Boulder County
08 Nov 2018
CBRE announced today that it has completed the $44.2 million sale of the multifamily community Stonebridge at Twin Peaks, located at 2424 9th Street in Longmont, Colorado, which closed Nov. 7, 2018. CBRE’s Dan Woodward, David Potarf, Matthew Barnett and Jake Young represented the seller, a joint venture between Holland Partner Group and Principal Real Estate Investors of Des Moines, Iowa.
“Stonebridge at Twin Peaks was attractive to investors because it is a high-quality suburban property located within the coveted Boulder County region, just a short drive from downtown Boulder and the northwest business corridor, one of metro Denver’s largest employment centers. Almost half of the units have been successfully renovated, aligning well with a continued value-add strategy,” said David Potarf, Executive Vice President, CBRE.
Built in 1998, Stonebridge at Twin Peaks is a garden-style community consisting of 172 one, two and three-bedroom apartments across seven buildings on nearly 11 acres. The average unit size is 992 sq. ft., well above the submarket’s 857 sq. ft. average. The seller recently renovated 75 units with upgrades to flooring, appliances, countertops, cabinet fronts and fixtures. Community amenities include a clubhouse/business center, fitness center, heated swimming pool, on-site walking path, dog park and both garage and surface parking options. Occupancy at the time of sale was 95.9 percent.
The property is located at 9th Avenue and Hover Street, just northwest of downtown Longmont and across from the Twin Peaks Golf Course. More than 5 million sq. ft. of retail is within three miles or less of the site with another 250,000 sq. ft. proposed or under construction, primarily along Main Street/Highway 287. The property is also a short drive from the new Smuckers plant currently in development and expected to open at the end of 2019. Plans call for up to 500 jobs to be located at the Longmont facility once it is at full capacity. Boulder is a 15-minute drive south of the property, while Fort Collins is a 20-minute drive north.
“Longmont is experiencing incredible growth sitting at the intersection of high technology and manufacturing while offering a unique combination of infrastructure, high quality of life, skilled workforce and a business-friendly climate,” said Jake Young, First Vice President, CBRE.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.