Marcus & Millichap Arranges $24 Million Sale of Boulder Community

by Scott Reid

Boulder, Colo. — Marcus & Millichap has arranged the sale of Plaza on Broadway, a 39-unit, 152-bed multifamily student housing community in Boulder. The $24.05 million sales price equates to $616,667 per unit, $158,224 per bed and approximately $474 per square foot.

Built in 2013, the property is situated on 1.44 acres, located directly across from the University of Colorado-Boulder campus at 17th Street and Broadway. The property sits on a 60-year ground lease.

Jacob Steele, associate vice president investments, and Nick Steele, associate, both in Marcus & Millichap’s Denver office, facilitated the sale on behalf of equity members.            

Plaza on Broadway is a community built with emphasis on sustainable living through high-efficiency mechanical systems for reduced water and energy consumption, natural ventilation and a location that allows residents ease of access to public transportation. Community amenities include bike storage, fitness center, laundry facilities, interior study spaces, television rooms, exterior courtyards and underground parking. The unit mix features mostly four-bedroom apartments with private bathrooms for each bedroom.

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