BOULDER — A group of investors has acquired the Uptown Broadway apartments in north Boulder for $35 million, or $301,724 per unit, according to Boulder County public records.
Denver-based Cardinal Group Investments, on behalf of private-equity investors, purchased 116 units in 10 buildings at 4560 13th St. from Los Angeles-based real estate investment firm CityView, using the entity SWF Uptown Broadway LLC.
Cardinal Group Management, another division within Cardinal Group Cos., will manage the property, taking over from Boulder-based Lincoln Property Co. In a letter to tenants, CGM said the change in ownership does not affect terms or conditions of present lease agreements.
Uptown Broadway apartments has 14 apartment buildings that include one- and two-bedroom units, with flats on the first level and two-story units on the second and third levels, all ranging in size from 600 to about 1,200 square feet.
The nonprofit Thistle Communities retains its ownership of 32 rent-controlled apartments in the complex.
Completed in 2005, the Uptown Broadway apartments were part of a development that included 35,000 square feet of retail space and 41 lofts. The Uptown Broadway development was part of the revitalization along the northern portion of Broadway that has taken place over several years.
Jason Kosena, director of acquisitions for Cardinal Group Investments, said the group was attracted to the Boulder market because of the “positive momentum behind Boulder. … We like the market because of the job creation, types of families moving there and the vintage of the building,” he said. “There is a lot of 1990s stock there, but this was newer. … We viewed it as a plug-and-play opportunity.”
In 2014, CityView paid $26.9 million for the market-rate apartments at Uptown Broadway in north Boulder in 2014 from Boulder County couple Jeff and Mindy Sanders. The couple purchased the apartments in 2008 for $22.9 million from a development group led by Boulder-based real estate developer Jim Loftus.
Cardinal Group Investments created five entities representing investors to make the purchase: ALS Broadway Owner LLC, Investor Broadway Owner LLC, JIMS Oak Broadway Owner LLC, JIMS Pacific Broadway Owner LLC and JIMS View Broadway Owner LLC.