Colorado

LONGMONT, COLO. — Centerspace (NYSE: CSR) has acquired Union Pointe, an apartment community located in Longmont, for $76.9 million, or $300,390 per unit. Brinkman Real Estate, in partnership with Jensen LaPlante Development and Keystone Real Estate, originally developed the 256-unit property. Located at 1605 E. County Line Road, the eight-building Union Pointe opened in 2019. The property features a resort-style swimming pool and spa with cabanas; outdoor lounge area; grills and fire pits; dog run and dog wash station; children’s play area; and a bicycle and ski repair room. The shared clubhouse features a catering kitchen for entertaining, 24-hour fitness center with yoga studio, gaming room, co-working lounge with laptop bar and private workstations for residents. Terrance Hunt, Shane Ozment and Chris Cowan for Newmark represented Brinkman in the transaction.

BROOMFIELD, COLO. — Bell Partners has completed the sale of Summit at Flatirons Apartments, a multifamily property located at 210 Summit Blvd. in Broomfield, a suburb of Denver. An affiliate of Treeline Multifamily Partners acquired the asset for $154 million. Jordan Robbins and Pamela Koster of JLL represented the seller in the deal. Additionally, Josh Simon and Rob Bova of JLL secured a seven-year, $103 million Freddie Mac acquisition loan for the buyer. JLL Real Estate Capital, a Freddie Mac Optigo lender, will service the loan. Built in 2004, Summit at Flatirons features 500 one- and two-bedroom apartments. In 2016, the property underwent more than $13 million in unit and common-area renovations, including upgrading units with stainless steel appliances, new vinyl plank flooring, quartz countertops, new lighting, repainted hallways, relocation of the fitness center and yoga studio, upgraded equipment and bike storage. Additional community amenities include a business lounge, swimming pool, hot tub, barbecue areas, resident lounge and courtyard.

DENVER — Watermark Residential, a wholly owned affiliate of Thompson Thrift, has completed the disposition of Watermark at First Creek, a multifamily property located in Denver. California-based Borello Asset Management bought the property for $74.6 million. Completed in 2018, Watermark at First Creek features an urban design that is 30 percent more efficient and utilizes 30 percent less materials than traditional design. The 264 one-, two- and three-bedroom residences feature gourmet bar-kitchens with custom cabinetry, granite countertops, nine-foot ceilings and in-unit washers/dryers. Community amenities include a resort-style swimming pool with cabanas and poolside hammocks, a fully equipped clubhouse, gas grilling stations and a 24-hour fitness center. Dan Woodward, David Potarf and Mathew Barnett of CBRE brokered the transaction.