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.
About Principal Real Estate Investors
Principal Real Estate Investors manages or sub-advises $74.5 billion in commercial real estate assets (As of September 30, 2018). The firm's real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is a dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®. Principal Real Estate includes the companies of Principal Real Estate Investors LLC and Principal Real Estate Europe Limited.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated 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.
