An apartment community near the University of Colorado campus in Boulder will get considerably bigger without changing its footprint.
Brickstone Partners, which has redeveloped seven properties near campus, will add 96 beds and modernize the Cavalier Apartments at 2898 and 2900 E. Aurora Ave. The community currently has 220 units, or 260 beds.
Dan Otis
“With the development climate in Boulder being what it is, becoming more and more challenging to find sites for development, we have tried to find a way to add density within a single complex,” said Dan Otis, Brickstone Partners principal. “We’ve figured out how to add almost 100 beds within the existing community.”
There are 84 large one-bedroom apartments that will be converted to two-bedroom units and a dozen two-bedroom units that will be transformed into three-bedroom apartments.
Brickstone Partners bought the Cavalier Apartments for $43.1 million late last year in what was one of the largest multifamily property sales near CU in several years. It will spend between $10 million and $12 million on the conversion and upgrades, including turning the existing clubhouse into a “Colorado chalet”-type amenity.
On a per-bed basis, apartments currently rent for around $900 per month. After renovation, rents are projected to increase to $1,100 to $1,200 per bed, Otis said.
While the apartments will continue to draw students because of their location directly east of the university, “We tend to try to develop and redevelop these assets so they appeal not only to students but the market as a whole,” said Otis, who is part of the team that is developing Google’s $100 million, 330,000-sf campus at 30th and Pearl. Proximity to Google was part of the impetus for the project, which is likely to draw some of those employees, he said.
Built in 1969, the community includes many of the original interior finishes. Brickstone will spend $20,000 to $60,000 per unit on upgrades, depending on each unit’s needs. The property will be renamed and rebranded.
The apartments were essentially full at the time of the sale. Some occupancy will be maintained during construction. A large number of “new” units will be available in August.
Littleton-based Bristlecone Construction Corp. is the general contractor. Jeff Dawson of Boulder-based Studio Architecture is the architect.
Noting that Boulder’s comprehensive plan calls for increased density in the area east of CU, Otis said the addition of beds at Cavalier will be a win-win for the city, the university – which badly needs additional rentals near campus – and the developer.
“We’re able to do it in a building that’s existing without expanding the footprint or making the buildings taller. It really is a good way to create sustainable development and provide quality housing,” he said.
With this latest redevelopment, Brickstone Partners has completed multihousing projects in Boulder with a market valuation in excess of $200 million.
