Marcus & Millichap Closes Record Sale of Boulder Colorado Student Housing Community

Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Plaza on Broadway, a 39-unit, 152-bed multifamily student housing community in Boulder, Colo. The property sold for $24.05 million, which equates to $616,667 per unit, $158,224 per bed and approximately $474 per square foot. The prices per unit and per square foot are all Colorado records for multifamily transactions over $10 million.

Built in 2013, the property is situated on 1.44 acres at 955 Broadway Street in
Boulder, Colo., located directly across from the University of Colorado-Boulder campus at 17th Street and Broadway. The property sits on a 60-year ground lease. Jacob Steele, associate vice president investments, and Nick Steele, associate, both in Marcus & Millichap’s Denver office, facilitated the sale on behalf of equity members.

“Plaza on Broadway is a premier student housing asset located adjacent to the Boulder campus,” says Steele. “The property will continue to experience very strong operations as a result of its location in the CU-Boulder submarket, one of the strongest rental markets in Colorado and the West.”

Plaza on Broadway is a community built with emphasis on sustainable living through high efficiency mechanical systems for reduced water and energy consumption, natural ventilation and a location that allows residents ease of access to public transportation. Community amenities include bike storage, a fitness center, laundry facilities, interior study spaces, television rooms, exterior courtyards, and underground parking. The unit mix features mostly four-bedroom apartments with private bathrooms for each bedroom.

By Real Estate Rama

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