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Stonebridge at Twin Peaks apartments sell for $44M

By Lucas High

LONGMONT — The Stonebridge at Twin Peaks apartment community on Ninth Avenue in Longmont has sold for $44.2 million. The deal closed Wednesday, according to a news release from CBRE, which represented the sellers. The sellers were Holland Partner Group and Principal Real Estate Investors of Des Moines, Iowa. They were represented by CBRE’s Dan Woodward, David Potarf, Matthew Barnett and Jake Young. Boulder County public records list the buyer as Scandic Longmont LLC. That company is registered to an Incline Village, Nev., address. Built in 1998, Stonebridge at Twin Peaks is a garden-style community consisting of 172 one-, two- and three-bedroom apartments across seven buildings on nearly 11 acres. Occupancy at the time of sale was 95.9 percent, according to CBRE. “Stonebridge at Twin Peaks was attractive to investors because it is a high-quality suburban property located within the coveted Boulder County region, just a short drive from downtown Boulder and the northwest business corridor, one of metro Denver’s largest employment centers,” Potarf said in a prepared statement. “Almost half of the units have been successfully renovated, aligning well with a continued value-add strategy.”

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Source:: BizWest