The Holton Group buys 1240 Cedar Ave for $2.05 million
Apartments bought for $2.05 million
BOULDER -via BCBR
A Boulder-based real estate investment company has purchased a 13-unit
apartment building near the intersection of Broadway and Cedar Avenue in Boulder for $2.05 million.
1240 Cedar LLC, managed by Scott Holton and Chris Jacobs, both of the
Boulder-based Holton Group, bought the 12,804-square-foot building at 1240 Cedar Ave. with financing from FirstBank of Boulder. The seller was Denver-based Cedarbridge Apartments LLC.
"The apartments at 1240 Cedar have very high historical occupancy, and it's rare to be able to purchase a building with such character so close to downtown," Holton said. "This acquisition underscores our continuing confidence in the strength of the Boulder residential market."
Holton said he plans to keep the building as apartments for now.
The Holton Group made a similar acquisition in the same neighborhood in 2008 - purchasing 1201 Balsam Ave. (http://1201balsam.com) and converting the 16 one- and two-bedroom units into for-sale condominiums. Holton said 11 out of 16 units at The Flats at 1201 Balsam are under contract with five remaining in the $335,000 to $365,000 price range. The project is expected to be complete by March 1.
"We truly believe in that sub market - being close to downtown, parks and shopping," Holton said.