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Boulder County Multifamily Update
NATIONAL MF MARKET:
According to MPF Research and Bendix Anderson writing for the National Real Estate Investor, as of June 30th the Nation’s rents have increased 5.2% over the previous 12 months, making the hike the biggest annual rent increase in 15 years.
During the 2nd quarter, the national vacancy rate was 4.4%. Rents have reportedly grown the fastest in the West led by Oakland, CA., Portland, OR., and Denver-Boulder, CO. Many real estate analysts expected that new supply would have exceeded the demand for rental by this point in time. However, Real Capital Analytics reported that the multifamily pricing has reached a level that is 28% above the peak prices that were experienced in 2007.
BOULDER MF MARKET:
The Gunbarrel Center, which will include 251 new apartments as well as retail and restaurant uses, has opened its first phase of one to three bedroom units. The rents range from $1,240 for a one bedroom to $2,540 for a three bedroom apartment.
In mid-July the 60 unit Canyon Villa Apartments sold for $9,710,090 for a price of $159,182 per unit. The well-located 4 story building at 2121 Canyon Blvd. was purchased by local investors Scott Holton and Chris Jacobs of Element Properties, along with Scott Reichenberg and Neil Littmann of Signature Partners. The owners plan significant interior and exterior improvements to upgrade and reposition the entire property.
Please contact Todd Walsh, for additional detailed information, including cap rates in each geographic area, or for a market evaluation of your MF investment property.
*Our office tracks all of the past MF sales as well as current active listings based upon 6 different financial and property metrics. Each listing and sales transaction is then grouped with other income properties in similar geographic locations. Average results for each of these sub areas are then computed. The resusub-areasot weighted according the number of units in each individual transaction.