Broomfield apartments sell for $90 million
A newly constructed multifamily property sold for $90 million in Broomfield.
Oakmont Properties purchased Fusion 355, a 286-unit apartment complex at 355 Eldorado Blvd., from seller AG Spanos. Both the buyer and seller are California based. Dan Woodward, David Potarf and Matt Barnett with CBRE Capital Markets in Denver represented the seller, while Marc Ross of CBRE’s Sacramento office represented the buyer.
Built in 2019, Fusion 355 totals 256,376 rentable square feet and offers a mixture of apartment and townhome-style units complete with in-unit washer and dryers, quartz countertops, hardwood flooring and stainless steel appliances. The property sold for $315,000 per unit.
The controlled access, smoke-free residential community also features upscale amenities, including a 24-hour fitness center, yoga studio, dog park, resident lounge and a heated pool and spa. The property is accessible from both downtown Denver and Boulder. It’s also minutes away from FlatIrons Crossing and nearby major employers such as Level 3, Oracle and Vail Resorts Headquarters.
The California buyer owns similar residential properties in the northwest Denver submarket, including North Main Apartments in Louisville.
“The sale of Fusion 355 is an example of the continued trend of investment capital migrating to Denver from coastal markets in search of slightly higher yields and a stable political and tax environment,” Woodward said.
At the time of the sale the property was 85% occupied, but at its desirable location, the intersection of Interlocken and Eldorado boulevards, continued resident growth for the property is expected. Woodward said these factors made the property an attractive asset to the buyer.
“Fusion 355 allowed Oakmont Properties the opportunity to grow their existing footprint in the Denver market while also providing an advantageous microlocation within the high-tech Interlocken Business Park that features some of Colorado’s largest and most prestigious employers,” he said.
The sale successfully closed May 13, just two weeks after the buyer closed on Caliber at Flatirons, another luxury apartment complex in Broomfield.
Published in the June 3-16, 2020, issue of CREJ.