Bell makes blockbuster deal in Broomfield

Bell Properties purchased this 500-unit apartment community in Broomfield for $116.3 million.

The company that last year made the biggest apartment purchase in Denver-area history with a $255 million acquisition, has made another blockbuster deal along the U.S. 36 corridor.

Bell Partners Inc. paid $116.3 million, or $232,600 per unit for the AMLI at Flatirons apartment community at 210 Summit Boulevard in Broomfield, according to public records. Bell did not release the purchase price.

It was one of the largest single multifamily purchases so far this year in the Denver area.

In April 2015, Bell, based in Greensboro paid $255 million for the Bell Flatirons. Although Bell Flatirons in in Superior, it is across the street from AMLI at Flatirons, which is being renamed as Bell Summit at Flatirons.

“We are pleased to add this distinctive community to our Denver area portfolio,” said Joseph Cannon, a senior vice president of investments at Bell.

“We were attracted to this investment opportunity due to the combination of Denver’s strong job and population growth, compelling multifamily fundamentals and the value-add opportunity at the community,” Cannon said.

The community was built in 2004.

Bell plans a comprehensive improvement plan focused on apartment interiors and the amenities areas.

It was 95 percent occupied at the time of the purchase.

John Rebchook has been taking the pulse of the Denver-area and Colorado commercial real estate world for almost 35 years. He joined the editorial staff of CREJ in 2011. Prior to that, he was the Real Estate Editor of the Rocky Mountain News from 1983 until it closed in 2009.