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11/05/21
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Kennedy Wilson, in a venture with a Goldman Sachs Asset Management entity, has acquired Arista Uptown, a 272-unit garden-style apartment community located at 8500 Arista Place in Broomfield, CO, for $95 mil ($349.3k/unit), excluding closing costs. Kennedy Wilson has a 20% ownership in the acquisition, which included a total $44 mil equity investment and a $53 mil loan.
Completed in 2012, the property is spread across seven acres equidistant to Boulder and Denver and offers residents access to significant community amenities, including a resort-style-pool, clubhouse, fitness center and dog park. The buyers intend to implement a value-add asset management plan that includes investing $4 mil to renovate unit interiors, refresh common areas and enhance amenities to improve the renter experience.
Arista Uptown is situated within Arista, a 200-acre, transit-oriented master planned community located along the U.S. 36 Creative Corridor, one of the fastest-growing tech markets in the United States that is now home to several Fortune 500 companies. Companies including Ball Corp, Crocs, Medtronic and Oracle have all relocated to business parks within a 10-minute drive of Arista.
Upon completion, Arista will feature 2,000 residential units, 150k sf of retail, nearly 400k sf of Class A office space as well as Broomfield’s UCHealth Campus and Children’s Hospital Colorado.
Dave Martin and Brian Mooney with NorthMarq represented the seller, Seagate Colorado Partners LLC, in the transaction. David Link and Jeff DeHarty, also with NorthMarq, arranged a $53 mil floating-rate acquisition loan for the buyer that was funded through a life company.
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