Treeline Partners Ltd., a real estate investment firm in Denver, has purchased the Bell Summit at Flatirons apartments in Broomfield.
Treeline acquired the four-story, 500-unit property from North Carolina-based Bell Partners Inc. in a deal that closed Nov. 24, according to Broomfield property records. At that price, the deal amounts to $308,110 per unit.
Bell acquired the property in 2016 for $116.3 million, and Broomfield officials most recently valued the property at $119 million. The complex, located at 210 Summit Ave. and less than a mile west of Flatiron Crossing, was built in 2004.
Treeline principal Peter Wiechecki told BizWest that the firm plans to hold onto the apartments as a core asset in its portfolio for the foreseeable future.
The acquisition is the largest multi-family deal in the Boulder Valley in 2020, surpassing the $90.72 million paid for the Caliber at Flatirons apartments in April. That deal for 288 units amounted to $315,000 per unit.