Colorado Real Estate Journal - March 15, 2017
Plans to sell a 231-unit apartment community in Gunbarrel upon stabilization came to fruition with a $72.5 million transaction. Crossbeam Concierge LLC sold its Apex 5510 apartments at 5581 Spine Road to Principal Financial Group for $313,583 per unit. Principal financed the project and arranged to purchase it upon stabilization, with the price based on an agreed-upon appraisal mechanism. “Principal was a phenomenal partner for us. They were able to approach us with a structure that was attractive from our perspective because we got a lot more financing than we would normally have gotten, and it took some of the risk off the table for us. We hope to do many more deals with them,” said Brad Blash, Crossbeam Concierge managing partner and co-founder. Completed in 2014, Apex 5510 was a complicated transaction in the sense that its affordable housing component was developed off site through a joint venture with Boulder developer Andy Allison and Koelbel & Co. of Denver. The arrangement allowed for more than the required number of affordable units and also brought the cost basis for Apex down to about $205,000 per unit, Blash said. Trammell Crow built Apex 5510, the first large-scale apartment community to be developed in Gunbarrel and the first in Boulder to achieve LEED certification. The community features a mix of studio, one- and two-bedroom apartments with gourmet kitchens, custom cabinetry and soaking tubs, along with an upscale clubhouse and pool, off-leash dog park, and access to trails and parks. It is within walking or biking distance of numerous employers, including IBM, Crispin Porter + Bugusky, Qualcomm, Lockheed Martin, Celestial Seasonings and others. Crossbeam Concierge is a multifamily real estate firm that owns, develops and manages multifamily properties. “We are aggressively seeking to expand our footprint here in the Front Range and the mountains,” said Blash.