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STONEGATE APARTMENTS SELL FOR MORE THAN $41 MILLION
Broomfield’s 350-unit Stonegate apartment building sold in August for $41.7 million, that amounts to nearly $133.00 per square foot. Chicago-based Equity Residential purchased the Colo. 128 and Indiana Street property from Ameriton Properties, Inc. During the most recent 12-month period, Stonegate experienced a 5 percent vacancy rate that compares favorably to the 8.9 percent rate in the Boulder-Broomfield markets. Rents in the complex for one to three bedroom units average between $750 and $1,140 according to the company’s marketing information.
BROOMFIELD OFFICIALS DISAPPOINTED IN FEDERAL SUPPORT FOR HOUSING
Broomfield officials have been seeking federal funding to support local affordable housing programs for more than a year and recently learned that they will have to settle for substantially less than anticipated. In July the U.S. Department of Housing and Urban Development indicated that the regional partnership made up of Broomfield, Boulder, Boulder County and Longmont should not expect the target amount of $2.4 million but more like $1.4 million, if that much. Broomfield expected to net around $300,000 but is now anticipating only $75,000. Last year the local governments created the housing partnership in order to reach the 300,000 population threshold that would net higher federal funding under the Home Investment Partnerships program. Broomfield spent $10,000 over the past year to increase local housing assistance.
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