Apartment developer buys site for 325 units at Arista

An 11.3-acre site in Arista sold to an apartment developer for $7.2 million.

STAR Broomfield LLC, which is affiliated with Steadfast Cos., purchased the vacant land along the east side of Wadsworth Boulevard between Arista Place and Parkland Street for a 325-unit development recently approved by Broomfield City Council.

Irvine, California-based Steadfast Cos. owns and manages approximately 30,000 apartment units across 18 states, including about 2,200 units in Colorado. The Arista project will be its first new construction in Colorado and its first community in Broomfield.

Steadfast is targeting a third-quarter groundbreaking and 24-month build-out.

“We are very much looking forward to Steadfast coming to Arista. We’ve known the Steadfast team for several years, and we’ve talked about them coming to Arista from time to time as they’ve looked at the Denver market,” said Joe Zepeda, senior project manager for Wiens Capital Management, an affiliate of which owns and develops Arista. “For them to land at Arista is really exciting for us. They’re very credible, they’re very professional, and the product is going to be just exceptional for not only Arista but for this market.”

The apartments will consist of four four- and five-story apartment buildings and a clubhouse with a fitness center, pool, spa, outdoor entertainment spaces, a car wash, dog wash, bike repair rooms, indoor bike storage, electric vehicle charging stations and direct access to the future Gallery Park.

There will be a mix of one-bedroom, one-bath; two-bedroom, two-bath; and three-bedroom, two-bath units.

English & Associates is the Architect. Norris Design is the landscape architect and planner, and Martin/Martin is the civil engineer.

The buildings will feature a mix of craftsman and modern styles with an earth tones color palette, according to Norris Design’s Leanne Vielehr. “A great deal of thought and care have gone into the architecture, interiors and on-site amenities, which will really maximize the experience of living here,” she said.

“This is a project I am really excited about,” Steadfast Cos. Vice President Lance Emery told Broomfield City Council during a recent presentation on the project. “It’s going to be an outstanding place to live – beautiful architecture, beautiful interior design.”

Steadfast didn’t respond to a call about the project, but at the council meeting, Emery said, “We’re very excited to bring our flagship development to Arista. We look forward to being a part of this community for a long time to come. We are not a merchant builder. We intend to build this, hold it, we’ll manage it in house,” he said.

Although it is within the Arista transit-oriented development, which includes the U.S. 36 and Broomfield Station, the development will have 582 parking spaces, slightly more than required.

With the addition of Steadfast’s community, Arista will have 1,386 apartment units, along with 229 for-sale town homes, live-work lofts and paired homes.

Steadfast Cos., founded in 1994, is a real estate development, investment and management company with approximately $4 billion worth of properties under management in the United States and Mexico. It owns approximately 10 communities in Colorado, including Belmar Villas in Lakewood, Fielder’s Creek in Englewood, Bella Terra at City Center in Aurora and others.

Featured in CREJ’s April 15-May 5, 2020, issue

Jill Jamieson-Nichols has been an Editor with the Colorado Real Estate Journal for more than 15 years, providing coverage of office, industrial, hospitality and mixed-use development news in the Denver metro area, plus all property types in Northern Colorado, Boulder County and along the Highway 36 corridor. Prior to joining CREJ, Jill was Editor of…