California-based Avanath Capital purchased a 71-unit apartment complex called Depot Square near the Google campus in Boulder for $13.6 million.
Depot Square is at 3195 Pearl Parkway, directly above the Boulder Transit Center. Units at Depot Square are income-restricted for those making 60 percent of the area median income in an otherwise high-priced market.
Boulder has the highest average rents of anywhere in metro Denver. Near the CU campus, rents averaged $2,102 per month in the first quarter, according to data from the Apartment Association of Metro Denver.
“Depot Square helps satisfy the need for affordable apartment communities in one of the most expensive housing markets in the state,” said Shane Ozment, vice chairman at ARA, A Newmark Company, which represented the seller, Pederson Development.
Read more at the Denver Business Journal: http://bit.ly/2uwCDFo