April 21, 2017
New York-based Rivendell Global Real Estate acquired 17*Walnut, a 26-unit apartment community located in the East End corridor in downtown Boulder, CO from Boulder-based Element for $15.6 million. ARA Newmark’s Andy Hellman and Justin Hunt handled the deal for the seller. The buyer was self-represented.
ARA notes the transaction represents the highest per-unit conventional multi-housing trade ever in the state, and the second-highest price-per-door for a non-coastal asset in the U.S. since 2015.
“Pricing of this caliber rarely, if ever, makes its way outside of Tier 1 coastal markets. This was a true testament to what great real estate in Boulder, Colorado can yield,” said Hellman.
Constructed in 2015, the property is located at 17th and Walnut Streets. It offers views of the Boulder Flatirons, and features one, two and three-bedroom floor plans with large windows and private balconies.
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