Press Releases
Marcus & Millichap Arranges the Sale of a 12-Unit Apartment Building in Boulder
February 18, 2025
BOULDER, Colo., February 18, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Alpine Apartments, a 12-unit apartment property located in Boulder, Colorado, according to Adam A. Lewis, regional manager of the firm’s Denver office. The multifamily asset sold for $5,085,000.
Matthew T. Berk and Clayton Primm, investment specialists in Marcus & Millichap’s Denver office, exclusively represented the seller, a limited liability company.
Alpine Apartments, built in 1958, is located at 1820, 1840, and 1860 Alpine Avenue, just a short walk from Boulder’s iconic Pearl Street and Ideal Market. The property consists of four two-bedroom, one-bathroom units and eight one-bedroom, one-bathroom units, with private balconies for each unit. Tenants primarily include young professionals drawn to the property's desirable location and modern amenities.
The transaction generated 17 written offers, with interest from buyers in three states and one international party. The property ultimately sold at a 3% CAP (T12) and a pro-forma CAP rate of 3.9%, with a price of $706.25 per net rentable square foot, or $365,625 per bed.
This rare sale underscores Boulder’s continued market strength, demonstrating that well-positioned properties can achieve premium pricing even in a down market.
Matthew T. Berk and Clayton Primm, investment specialists in Marcus & Millichap’s Denver office, exclusively represented the seller, a limited liability company.
Alpine Apartments, built in 1958, is located at 1820, 1840, and 1860 Alpine Avenue, just a short walk from Boulder’s iconic Pearl Street and Ideal Market. The property consists of four two-bedroom, one-bathroom units and eight one-bedroom, one-bathroom units, with private balconies for each unit. Tenants primarily include young professionals drawn to the property's desirable location and modern amenities.
The transaction generated 17 written offers, with interest from buyers in three states and one international party. The property ultimately sold at a 3% CAP (T12) and a pro-forma CAP rate of 3.9%, with a price of $706.25 per net rentable square foot, or $365,625 per bed.
This rare sale underscores Boulder’s continued market strength, demonstrating that well-positioned properties can achieve premium pricing even in a down market.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
