Before they founded Smith/ Jones Partners, they were executives with another Denver-based company, Archstone Communities, which earned a national reputation for developing luxury apartment communities across the country before the real estate crash.
Given their experience, they knew they had a winner when they decided to develop an apartment community in the Arista mixed-use neighborhood in Broomfield during the downturn.
It paid off.
They recently sold the 272-unit Arista Place, now called Arista Uptown, to M&C Properties of Salt Lake for $52.5 million.
That equates to $193,015 per unit, or $216.81 per square foot, for the community at 8500 Arista Place in Broomfield.
Smith/Jones Partners opened Arista Place in 2012, after buying the 6.7-acre site during the real estate downturn.
“We liked that it was in a pedestrian-oriented, New Urbanism, master-planned community,” Smith said.
He said the landscaping, shops and parks are very well integrated, creating an urban-style environment in the suburbs.
“You have that 1st Bank Center anchoring Arista at one edge and you are close to the slip lane leading to U.S. 36,” Smith said.
“It has close proximity to all of the high-tech employment centers along the U.S. 36 corridor, as well as kind of being equidistant between Boulder and Denver,” Smith said.
Their timing was good.
“We were one of the first in the ground during this part of the cycle,” Smith said He wasn’t surprised it commanded such a high price when it sold.
“We always had high expectations for it,” Smith said.
“The market reception to Arista Place was excellent,” he said “We exceeded our leasing expectations and our expectations for monthly rents,” he said.
The property was listed by the ARA team of Jeff Hawks, Doug Andrews, Terrance Hunt and Shane Ozment.
Hawks said M&C Properties is aggressively shopping for apartment communities in the Denver area and Arista Uptown is its second purchase in the metro area.
by John Rebchook
Colorado Real Estate Journal