print header

# 1 Commercial Real Estate Information Company

  • Find Properties 
  • Market Properties 
  • Analyze Properties 
Products
Commercial Real Estate News

Broomfield Multifamily Portfolio Trades for $63.5 Million

FPA Multifamily Sells Ten30 and Ten49 to Aragon Holdings
December 7, 2017
Two California companies traded a pair of apartment complexes located in Broomfield last week.

FPA Multifamily, based in San Francisco, sold Ten30 and Ten49 located adjacent to each other in northeast Broomfield, to Los Angeles-based Aragon Holdings.

Ten30, a 209-unit property at 1030 E. 10th Ave., and Ten49, a 213-unit property at 1049 E. Ninth Ave., were built in the mid-1970s and have recently undergone renovations. Ten30 is made up of solely one-bedroom units, while Ten49 consists of two-bedroom units.

"Ten30 and Ten49 are the only apartment communities of this size in the Broomfield-Interlocken submarket with pre-1980s construction, so they offered value-add potential that simply can’t be found elsewhere in the area," said Jake Young, vice president at CBRE Capital Markets. "As both properties are well positioned for continued strong performance with stable cash flow going in, we saw incredible interest that resulted in a positive outcome for both the seller and the buyer."

Both properties were acquired for $63.5 million, according to CoStar data. Additionally, both were nearly 100 percent occupied.

Broomfield is experiencing a development boom along with the rest of metro Denver, with $866 million in commercial and residential projects either planned or under construction at the end of 2016. German pipe manufacturer Viega is relocating its U.S. headquarters to an 80,000-square-foot facility in Broomfield.

"With their central Broomfield location, Ten30 and Ten49 are perfectly positioned to access two of the metro area’s major job centers-Interlocken and north Denver including Thornton and Westminster. Several large employers have announced new or expanded operations in these areas recently, which will bring even more job opportunities to the area," Young said.

Along with Young, CBRE’s Dan Woodward, David Potarf and Matt Barnett represented FPA Multifamily in the sale.

Please see CoStar COMP #4071737 for more on this transaction.

Molly Armbrister, Denver Market Reporter  CoStar Group   
GET IN TOUCH        Contact CoStar News Team:   News@CoStar.com

 Find us on 

Welcome To CoStar's
Industry-Focused,
Award-Winning News

Winner of three Journalism Awards from the National Association of Real Estate Editors (NAREE)

Award-Winning News