Just two months into the new year, Boulder has seen what is likely to be one of 2021 largest multi-family residential transactions with the recent sale of the The Reve’s apartment component for $151.25 million.
Southern Land Co. — the developer of the project, which includes a significant office component — offloaded the central Boulder property near Google’s Pearl Street campus this month to a series of holding companies operated by Carlsbad, California-based Virtu Investments, Boulder County public records show.
The property is located in the southeast quadrant of 30th and Pearl streets.
The residential square footage included in the deal is roughly 275,000, documents show. According to Southern Land’s plans, the resident component of the project encompasses 244 units.
Virtu also now owns about 17,000 square feet of commercial space at the site.
Not included in the deal is about 115,000 square feet of office space, which has been deeded to an entity operated by Southern Land Co.
The per unit cost of The Reve’s residential sale is nearly $620,000.
That figure is astonishing when compared with the per unit cost of the Boulder Valley region’s most recent $150-plus-million deal. In December 2020, a Denver-based investment firm bought the 500-unit Bell Summit at Flatirons apartments in Broomfield for $154 million, less than half of The Reve’s per-unit price.
The six-acre Reve project, which broke ground in early 2019, features micro, studio, efficiency, one, two and three-bedroom rental apartments, a rooftop pool, underground parking, fitness center, clubhouse and business center.
The project has been in the works for years, with approval for SLC’s plans occurring in 2016.
Virtu Reve Boulder Partners QOF LP, a Virtu Investments affiliate, filed a Form D with the U.S. Securities and Exchange Commission last month disclosing the formation of a pooled investment fund, which is likely related to the Reve transaction. This disclosure does not specify how much Virtu intends to raise from investors but indicates that securities in the fund will be offered indefinitely.
Both Virtu and Southern Land Co., representatives of which did not respond to requests for comment Tuesday, have existing Colorado properties.
Virtu, according to its online portfolio, operates a pair of affordable apartment communities in Basalt.
Southern Land Co., headquartered in Nashville, Tennessee, with developments across the country, is involved in several projects in Denver and an ongoing development in Erie.
The Erie development, known as Westerly and located east of Weld County Road 5 between Erie Parkway and Weld County Road 6, is a single-family community planned to include 1,200 homes. Construction is expected to start this year, according to Southern’s website.