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BOULDER, CO-Boulder Investment Properties LLC, a local development group, has paid $33.75 million for Tantra Lake, the largest multifamily rental community here. The 301-unit property on 22 acres is at 993 E. Moorhead Circle in an established residential community next to Tantra Park and Majestic Heights Elementary School.

“Among the most significant characteristics of Tantra Lake are its gorgeous setting with mature landscaping, a lake and mountain views and the act that tit is lcoated in the city of Boulder,” Al Ray, the broker on the deal, tells GlobeSt.com.

“The supply of new housing in Boulder is so limited, that home buyers find it very difficult to purchase affordable housing,” adds Ray, principal of the Al Ray Cos.

The new owner of Tantra Lake will convert the units into condominiums priced from about $117,000 for one-bedroom flats to the $230,000s for two-story townhome units.

Tantra Lake was originally developed as condominiums when it opened in the 1970s, but was used as rentals instead. It will be substantially upgraded, including new exterior materials and windows.

Also, the 8,000-sf clubhouse will be remodeled, with new windows viewing the private Tantra Lake. The common amenities will also include a large pool, a new spa, two tennis courts, barbecue and picnic areas on the lake, and an indoor exercise facility.

The seller was the Sares-Regis Group of California and City Bank Private Bank of New York City. Sares-Regis owns several apartment communities in the Denver area and has owned Tantra Lake since 1983.

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