BOULDER, Colo. — A Boulder apartment complex has new ownership after selling for a record high per unit price in Colorado. Rivendell Global Real Estate bought the 17 Walnut apartments located at 1707 Walnut St. for $600,000 per unit, totaling at $15.6 million. The Hub is assisting the company manage the property locally.
Tenants received a notice on Tuesday telling them about the sale and where they should make their rent checks payable to in the future. Maintenance service workers began shifts on Wednesday under the new ownership.
Commercial real estate brokers said pricing is going up throughout the Boulder market.
“The market has just been absolutely insane, especially the last two years. We have people paying more for properties than they are listed for," said Jason Kruse, Managing Broker for The Colorado Group Inc.
Kruse also said prices are rising in residential and commercial properties.
Twitter and Google are two companies taking advantage of the growth in Boulder. Twitter is bringing in fresh talent with job openings posted online. Google added 30,000 square feet of extra office space, adding to the tech giant's current offices and the new campus under construction.
"Boulder has a certain cachet and buyers really want to own properties in boulder," said Kruse.
Construction costs are also going up in Boulder. Brokers said the city is putting restrictions on property owners and develops, causing companies to spend more to secure tenants.