Two rental properties on Boulder’s University Hill have sold for more than $578,000 per unit, among the highest-priced deals in state history.
The two properties, 1138 Grandview Ave. and 959 Marine St., sold for $16.2 million to W.G. Real Estate Investments, a local entity. Officials from W.G. could not be reached for comment.
California-based Bell Advisors was the seller. Boulder’s 50 Maple Real Estate Group facilitated the transaction.
With a combined 28 units, the sale of both buildings fetched a per-unit price of $578,571.
Few deals top $300,000 per unit in Colorado, though that number has been creeping higher in recent years as investors have made a string of high-dollar purchases in Boulder County and the Denver metro area.
The number of properties selling for more than $500,000 are rare.
In 2015, the 84-unit Province sold for $48.8 million, or $580,952 per unit, and the Plaza on Broadway fetched a stunning $24 million for its 39 units — $616,667 per unit.
Those buildings were all student apartments. That’s important, said ARA Newmark broker Shane Ozment, because each unit often is divided into multiple bedrooms, maximizing the rent property owners can collect.
For instance, the Grandview and Marine properties have a combined 77 bedrooms.
“They’re renting per bed; you could get $1,000 or $1,100 per bed,” Ozment said. “You can get much higher income than on a two-unit (apartment) in Denver.”
That’s what has pushed per-unit sales in Boulder far beyond deals in the rest of the state, Ozment said.
