New Colorado Multifamily Complex Trades for $91M With CBRE Help
The sale of the 288-unit Caliber at Flatirons closed despite the crippling shutdown resulting from the coronavirus pandemic.
BROOMFIELD, CO ‒ A new apartment complex in Colorado’s Broomfield sold for $90.72 million with CBRE help, an indication transactions continue to trickle in despite of the crippling economic shutdown caused by the coronavirus pandemic.
Caliber at Flatirons has 288 units spread across several buildings just north of the U.S. 36 exit at Northwest Parkway by the FlatIron Crossing shopping center.
Oakmont Properties, a multifamily property owner, bought Caliber from apartment developer The Garrett Cos. LLC, based in Greenwood, Indiana. The off-market transaction closed on April 28.
CBRE executive vice presidents Dan Woodward and David Potarf as well as senior vice president Matt Barnett, all based in Denver, represented The Garrett Cos. Executive vice president Marc Ross and CBRE’s multifamily team in Sacramento represented the buyer.
Andrew Behrens, vice chairman with CBRE’s Capital Markets Debt & Structured Finance, arranged the purchase financing, securing below-market terms for Oakmont.
Woodward in prepared remarks acknowledged it’s difficult to arrange a deal in the current environment, yet all sides managed to get the property leased, inspected and financed.
Caliber was completed last year at 13872 Del Corso Way. It has 308,478 rentable square feet broken down into one, two and three-bedroom units. It was 80% leased at the time of sale.
The 16-acre property includes a pool, grill locations, an outdoor fireplace with seating, a gym and a yoga studio. The complex caters to residents seeking an outdoor lifestyle as it’s next to Broomfield’s Del Corso Park with recreation trails connecting to Broomfield’s trails.
Broomfield is centrally located southeast of Boulder and northwest of Denver.
The deal breaks down to $315,000 per unit.