1. AUGUST 6, 2014 – AUGUST 19, 2014
As appeared in…
www.crej.com
by Jill Jamieson-Nichols
Brickstone Partners has made
a big investment in student
housing near the University of
Colorado, and its latest project
could bring nonstudents into
the equation.
The real estate investment and
developmentcompanyisacquir-
ing the Marine ParkApartments
and investing around $50,000
per door in the 1960s prop-
erty to create 92 upscale units
within a couple of blocks of the
campus and Pearl Street Mall.
The $25 mil-
lion project
at that loca-
tion could
bridge the
gap between
g r a d u a t e
students and
nonstudents
looking for
one-bedroom
apartments
in the heart of Boulder, said
Brickstone principal Dan Otis.
“It’s a 30-second walk to Pearl
Street, which is pretty rare,” said
Otis, who expects to close on the
acquisition within 60 days. The
renovation will begin imme-
diately and be completed by
August 2015.
Brickstone Partners has been
working to acquire the four-
story building at 1155 Marine
St., which faces Broadway and
is next to Alfalfa’s Market, for
more than three years. Otis said
it’s very difficult to find build-
ings in core locations in Boulder
– “They trade about once every
40 years” – and there is signifi-
cantly more demand for rental
units than there is supply. One-
bedroom units are especially
difficult to find.
“There is a significant demand
for Class A living opportunities
in core Boulder. It just doesn’t
exist,” said Otis.
Units in the “new” building,
called 11 Fifty Five, are about
650 square feet and will rent
for around $1,600 per month.
Apartments will have all-new
kitchens, bathrooms, balconies,
windows and doors, and wash-
ers and dryers will be added.
The property has a swimming
pool that will be renovated, as
well as a hot tub and workout
facility. The common areas and
parking lot will be completely
redone.
Tryba Architects, which
designed the Eleventh and Pearl
office/retail project being devel-
oped nearby, is the architect.
With 11 Fifty Five, Brickstone
Partners will have invested
more than $100 million in mul-
tifamily housing around CU.
Among its other projects are
The Lux at 855 Broadway, 910
28th, 1005 12th St. and 1101 Uni-
versity. It also is planning Pearl
Place, a mixed-use project near
Boulder Junction.
Brickstone Partners is a real
estate investment and develop-
ment company with offices in
Denver and New York. s
Brickstone to invest in apartments
Dan Otis
Brickstone Partners will invest approximately $50,000 per unit to create
11 Fifty Five.
The Marine Park Apartments were built in the 1960s.