Boulder, Colo. — Brickstone Partners and Deutsche Finance America (DFA) have made a joint investment to recapitalize the Lodge at Boulder, a 355-bed student housing community near the University of Colorado campus in Boulder. Brickstone Partners purchased the Lodge more than three years ago and has begun large scale renovation of many of the units and the common area. The new partnership intends to complete renovations to the remaining unit interiors and upgrade the community’s clubhouse, leasing office and maintenance systems. The Lodge is the second investment between DFA and Brickstone; the first is the development of LakeHaus, a 200-unit luxury apartment complex in the Lake Calhoun neighborhood of Minneapolis. DFA has invested $50 million with Brickstone to date, and has plans to invest $100 million with the firm in 2019-2020, primarily focused on an opportunistic student housing platform.
“The joint venture between Brickstone and DFA reflects our continued commitment to the University of Colorado at Boulder,” says Daniel Otis, principal of Brickstone. “Our hope is that this property will contribute to the sophisticated needs of the University of Colorado student community for years to come. Furthermore, we are excited to launch our student housing investment platform with this first investment together in Boulder.”
Brickstone has offices in Denver and Minneapolis and has been involved in more than 2 million square feet of office, retail and multifamily investment and development since 2001. The company is also a co-sponsor of the $137 million Google regional headquarters in Boulder. Deutsche Finance America, led by Jason Lucas, managing partner for North America, is headquartered in Munich with its U.S. office in Denver. Parent company Deutsche Finance Group has €2 billion (US$2.25 billion) of assets under management. Deutsche Finance America, the company’s U.S. subsidiary, has closed on four deals totaling $300 million since it was established last year.