California-based ReyLenn Properties has sold its Solana 3100 Pearl apartment complex in Boulder for $136 million, according to Boulder County public records.
Rockwood Capital, a New York-based real estate investment firm, purchased the 319-unit property for $426,332 per unit, the highest per-unit price ever paid for a conventional apartment complex in Boulder, and the second-highest in the state, behind 1000 Speer by Windsor, formerly called The Joule, which sold earlier this year for $535,714 per unit.
ReyLenn Properties constructed Solana 3100 Pearl in 2014, and has three other projects under construction in Colorado, including a 352-unit apartment complex in Arvada.
The complex was 94 percent leased at the time of sale.
Read more at the Denver Business Journal: http://bit.ly/2ef1Nwr
(© 2016 American City Business Journals. All rights reserved.)