BROOMFIELD ? AMLI Residential, a Chicago-based developer and operator of high-end apartment complexes, continues to make its presence felt in the local market.
The company spent $78.83 million last month to purchase a 500-unit apartment building in Broomfield.
The seven-year old complex at 210 Summit Blvd. was known as the Summit at Flatirons but has been rechristened the AMLI at Flatirons. It has about 96 percent occupancy.
AMLI bought the complex from a group led by Greystar Real Estate Partners.
Brokers received about 15 offers for the complex, said David Martin, who along with Pam Koster of Moran Co. represented Greystar in the deal.
The amount of interest for a sale of this magnitude shows big investors are interested in making acquisitions again, Martin said.
?The REITS and the pension funds, and the life insurance companies, are all kind of back. They really disappeared in 2008,? he said.
Martin thinks the sale is the biggest since January 2008.
The AMLI at Flatirons is the company?s second major purchase in Broomfield in the past year. The company bought the AMLI Arista apartments, at 8200 Arista Place, last fall for $55.55 million. The company also filed plans with the Broomfield Planning Department in January to build a 348-unit complex in Interlocken.
BOULDER
BOULDERS APARTMENTS: AMLI is not the only company making a play in the U.S. 36 corridor.
The Boulders Apartments, a 161-unit complex on Kalmia Avenue near the northeast corner of the intersection of 28th Street and the Diagonal Highway, sold last month for $33.5 million.
The complex was acquired by Boulder Apartments Colorado LLC, according to Boulder County Assessor?s Office property records. The LLC is part of DiNapoli Capital Partners, a private equity group in San Jose, California.
The seller was Boulders Apartments LLC, an affiliate of the Griffis Group, a Denver-based real estate investment company that owns 3,328 units in Colorado.
Griffis Group bought the property in January 2009 for $20.9 million. It installed a new management team and improved the complex?s exterior and common areas, said Tom Barta, a Griffis Group partner and its chief financial officer.
Griffis Group planned on holding the property longer, but it was meeting its goals much faster than expected.
?We were getting to our five year numbers in two years,? Barta said.
Doug Andrews of Apartment Realty Advisors, which has an office in Denver, was the broker for the Griffis Group.
There were close to 30 offers on the property, he said.
?Properties don?t sell in Boulder very often. When they do there?s a lot of interest,? Andrews said.
COLLEGE AVENUE: Smaller complexes also are in demand. An 18-unit apartment building at 2955 E. College Ave. in Boulder sold late last month for $2.5 million.
The building, which is 10,091 square feet and was built in 1958, was bought by GAM Real Estate 4 LLC. The seller was a partnership of Bell Advisors LLC, Seno Corp. and The Amended and Restated Brothers Living Trust.
The building?s units range in size from studios to three bedroom units, and there were no vacancies.
Unique Properties, a Denver-based brokerage, represented both parties. Marc S. Lippitt, Scott L. Shwayder and Jason Koch represented the sellers, and Kevin Higgins and Ryan Floyd represented the buyers.
The building was last sold in 2007 for $1.96 million, according to the Boulder County Assessor?s Office.
NEW CHAMPION: Optibike LLC, a manufacturer of electric bicycles, opened a 7,500-square-foot retail store and manufacturing facility at 3200 28th St. in Boulder.
The glass building previously was occupied by Champion Ford.
Fittingly, Optibike was founded by former Ford Motor Co. engineer Jim Turner.
Optibike has been manufacturing five models of electric bikes in Boulder since 2005, with worldwide sales to more than 28 countries. The models have a range of 50 miles on a charge.
MICRO MOTION: Two industrial buildings in the Gunbarrel Tech Center have sold to an investor for $1.05 million.
The buildings, at 7084 and 7088 Winchester Circle, are 76,320 and 28,200 square feet and were owned by Micro Motion Inc. They have been on the market since Micro Motion moved into a new headquarters and manufacturing facility a few years ago, said Chris Nordling, a real estate broker with Newmark Knight Frank Frederick Ross who represented the seller.
Micro Motion, which is a subsidiary of Emerson Electric Co. (NYSE: EMR), has its headquarters at 7070 Winchester Circle.
The property was purchased by Gunbarrel Tech Center LLC as an investment property, Nordling said. The new owners plan to remodel and freshen up the property, he said.
Tom Myers of Unique Properties represented the buyer.
POSITION SWITCH: Rocky Mountain Soccer, a specialty retailer that sells soccer equipment and apparel, is moving to 1933 28th St. No. 101. The store has a grand opening there scheduled for July 15. The new space will be 1,800 square feet.
The building is owned by Tebo Development Co. Todd Walsh of the Colorado Group represented the tenant.
LONGMONT
OIL AND GAS: Oil and gas services company Select Energy Services LLC, dba Rocky Mountain Energy Solutions, will move its regional office to a 10,200-square-foot space at 1551 S. Sunset St. The office is relocating from Greeley.
Select Energy Services is headquartered in Houston and specializes in oilfield service and supply.
The building is part of the 37-building, 130-acre Campus at Longmont, a set of buildings in south Longmont that is owned and managed by Circle Capital.
Becky Callan Gamble, Hunter Barto and Dryden Dunsmore of Dean Callan Co. and Scott Garel, Joe Heath and Don Misner of Grubb Ellis represented the building owners.
Robert Sawyer of Tierra Real Estate represented Select Energy Services.
FUNOVATION RELOCATES: Funovation LLC, which builds the Lazer Maze Challenge attraction, is relocating from Boulder to Longmont.
The company is in the process of moving to an 11,337 square-foot flex space at 410 S. Sunset St. Unit B, in the Longmont Technology Park.
Funovation is moving from 6837 Winchester Circle 210B in Boulder.
Funovation?s flagship product is the Lazer Maze Challenge, which uses lasers to create an obstacle course in a darkened room. Funovation designs and installs the attractions around the country.
Todd Witty of CB Richard Ellis represented the listing company. Todd Walsh of the Colorado Group represented the selling company.
LOUISVILLE
BIOTECH CONSOLIDATES: AmideBio LLC has consolidated its offices and moved to a laboratory facility in the Colorado Technology Center in Louisville to prepare for future growth.
The company will focus on making peptide products at the new location, AmideBio said in a statement. Peptides are biological substances which can be used in Alzheimer?s research, among other things. The company previously had locations in Boulder and Denver.
Geoffrey Keys of Keys Commercial Real Estate, represented AmideBio in the lease transaction. AmideBio?s new facility at 331 South 104 St. in Louisville is the former location of Inverness Medical Biostar Inc.
AmideBio products are made under license with technology developed at the University of Colorado at Boulder. AmideBio in May announced that it had received $575,000 in new equity funding from a group of private investors.
Michael Davidson can be reached at 303-630-1943 or mdavidson@bcbr.com.
Article source: http://www.bcbr.com/article.asp?id=58363
Source: http://denverrealestateblogger.com/387/real-estate/
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