April 18, 2017
A 26-unit apartment complex in Boulder has sold for $15.6 million, setting a new record for per-unit pricing on apartment complexes in Colorado.
17 Walnut, located at 1707 Walnut St. in Boulder, sold for $600,000 per unit, the highest-ever per-unit price in Colorado and the largest for a non-coastal asset in the U.S. since 2015, according to ARA, A Newmark Company, which represented developer Element Properties in the sale.
“Element designed and built a remarkable property, and the buyer recognized the asset’s uniqueness given its high-end finishes and irreplaceable location surrounded by $1 million-plus homes and condos,” Hellman added. “The resulting sale price was justified by the rare opportunity to own such a centrally located, high-quality property in the high barrier-to-entry Boulder market.”
March 31, 2017
According to a report by the University of Texas at Arlington, the metro Denver area is near the top when it comes to providing affordable housing that doesn’t break the bank when it comes to residents’ annual cost of transportation.
“SPARK_west will leverage its central Boulder location and the transit amenities in Boulder Junction to provide increased affordability for the residents,” said Kevin Knapp, principal of Community Development for Element Properties.
December 15, 2016
Nearly 58 percent of Boulder County renters were cost-burdened in 2015, according to a new report from online marketplace Apartment List — a 6.2 percent increase over 2014.
“Boulder (County) is below average in terms of affordability,” said Andrew Woo, who co-authored the study. “Rent went up, income went down.”
“Boulder still critically needs affordable housing,” said Scott Holton, principal of Element Properties, which is in the process of developing 238 affordable units in the city.
December 12, 2016
BOULDER – Construction has begun a three-story, 28-bed dormitory for Naropa University at 2333 Arapahoe Ave. in Boulder.
The property is located two blocks from Naropa’s Arapahoe Campus.
Element Properties and Allison Management are partnering on the $4 million project that was announced in May.
“Coburn Partners has put together an innovative design that will help transform the Arapahoe corridor and serve Naropa and our community well,” said Catherine Bean, Element Properties’ director of development.
Demolition work has begun at the Sutherlands lumberyard site to make way for the $100 million mixed-use S’PARK development.
“This marks the initial transformation of the S’PARK site, a milestone that the both the development team and the Boulder community have long been anticipating,” said Scott Holton, principal of Element Properties, in a statement. “We could not be more excited to begin preparing the site for vertical construction to begin later this year.”
Flatiron Park industrial building to be creative office space
A Flatiron Park industrial building will be reinvented as creative office space for tenants looking for larger floor plates.
Element Properties bought the approximately 31,392-squarefoot office/warehouse building at 1855 S. 57th Court in Boulder earlier this year for $4.55 million. The major tenant, KMLabs, is relocating in Boulder, and Element plans a full renovation of the two-story building.
A partnership between Boulder developers Allison Management and Element Properties will begin construction later this year on a 28-room dormitory for Naropa University, with hopes to have it ready by the fall of 2017.
Five projects in Boulder, Larimer and Weld counties will receive grants to support construction or preservation of affordable-housing units that were impacted by flooding in 2013.
Developer: Element Properties
SPARK_west will be a permanent affordable-housing component in Boulder Junction, which is Boulder’s new transit village. The developer will provide free RTD public transportation “eco-passes” to the residents.
45 units; state credit: $678,982; federal credit: $582,403; CDBG-DR: $50,000.
April 1, 2016
BOULDER — Google’s campus under construction at 30th and Pearl streets represents the highest-profile development along 30th Street, eventually employing 1,500 workers, but a wave of other projects promises to transform the corridor from the Diagonal Highway south to Walnut Street.
When Boulder’s Element Properties went shopping for a banker in the summer of 2014, it found instead a non-banker: Google.
Eighteen months later, in a deal that would involve dozens of attorneys, accountants, appraisers, a city official or two and a handful from a state-charted agency, Element closed on one of the largest public-private affordable housing deals in Boulder’s history.
Recent letters have questioned Boulder’s policy of allowing housing developers to pay “cash in lieu” of providing permanently affordable housing on site. There’s a suspicion that since the cash-out option is often more attractive to developers, it must be worse for the city and our affordable housing program. This isn’t true, but I can’t blame the public for wondering.
February 12, 2016
Affordable housing is disappearing across the Front Range, but perhaps nowhere more dramatically than in Boulder. According to a 2014 study by the city’s housing authority, Boulder is losing about 1,000 units of market affordable for-sale and rental housing every year and adding back an average of 123 units of permanently affordable housing.
No one wants to see residents get priced out of their own communities, either, said Kevin Knapp, director of development for Element Properties, a Boulder real estate firm with experience in low-income housing development.
“What we’re seeing, especially in Boulder, is there are opportunities for market-rate investors to purchase properties, renovate them and target a higher rent market,” he said. “It’s where the market is right now, but what we’re losing is a lot of affordable housing.”
Element is part of a group that recently purchased three apartment communities in Boulder for rehabilitation and preservation as affordable housing.
February 5, 2016
What are the top transactions for 2015 in the Boulder Valley and Northern Colorado?
COMMERCIAL REAL ESTATE
• S’PARK, Boulder: Real estate investment firm Kinship Capital and investment firm/developer The John Buck Co., both based in Chicago, formed a new joint venture with current S’PARK developer Element Properties of Boulder and in late December paid a combined $18.5 million for the redevelopment of the former Sutherland’s lumber yard site at 3390 Valmont Road in Boulder.
January 13, 2016
BOULDER – Developers announced on Wednesday that Google has invested $41.7 million in bonds that will help finance not only the conversion of 238 apartments in Boulder to permanently affordable units but also extensive renovations to each one.
New Jersey-based affordable-housing developer The Michaels Organization has been teaming with local partners Element Properties and Allison Management over the past year-plus – along with financial backing from the city – on the $63 million effort to add the Osage Apartments and Thunderbird Apartments in south Boulder and The Nest in central Boulder to the city’s affordable housing program.
BOULDER — Two Chicago firms have purchased a major stake in the redevelopment of the former Sutherlands lumber yard site at 3390 Valmont Road, effectively buying out the Sutherland family’s stake in the $100 million mixed-use “S’PARK” project that is slated for demolition work to begin in the coming months.
Real estate investment firm Kinship Capital and investment firm/developer The John Buck Co., formed a new joint venture with current S’PARK developer Element Properties of Boulder that in late December paid a combined $18.5 million for the properties at 3390 Valmont Road and 3195 Bluff St. The joint venture, under the entity Spark Boulder Owner LLC, paid Sutherland Bldg Materials Shopping Centers Inc. $13.5 million for the 3390 Valmont site, according to Boulder County property records. Spark Boulder Owner LLC paid Element, meanwhile, $5 million for the 3195 Bluff property that Element had bought for $2.6 million in mid-2014.
July 30, 2015
The City of Boulder announced today that it has allocated $8.25 million from the city’s Affordable Housing Fund to Element Properties and Allison Management in order to acquire and rehabilitate affordable housing stock that otherwise would have been subject to significant market increases.
July 30, 2015
BOULDER — The city of Boulder on Thursday said it has allocated $8.25 million to Element Properties and Allison Management to acquire 203 apartment units that will be added to the city’s affordable-housing stock.
BOULDER – The Boulder City Council will consider adopting an ordinance at its June 3 meeting allowing more units and greater density than current zoning allows for Trinity Commons, a mixed-use, affordable residential project that has been on the planning board for years.
A local development team is proposing a 680,000-square-foot, mixed-used project — consisting of apartments, offices, “creative” retail and restaurant spaces, and a boutique-style hotel in four-to-five-story buildings — at the former Sutherlands lumberyard in the Boulder Junction area.
BOULDER – Boulder-based real estate development firm Element Properties LLC and Sopher Architects LLC submitted concept plans with the city of Boulder this week on a proposed redevelopment of the former Sutherlands Lumber Co. site that could cost up to $180 million.
BOULDER – Local real estate management and development firm Element Properties has filed concept plans with the city of Boulder that could bring one of the downtown civic area’s first commercial redevelopments since officials adopted a vision for the area earlier this year.
Apartment building sells for $4 million
BOULDER – A 26-unit apartment building in central Boulder has sold for $4 million. A group of investors led by Scott Holton and Chris Jacobs of Element Properties purchased 2037 Walnut St. in a deal that closed Nov. 30.