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New owner plans renovation at Kensington Apartments

BOULDER — The Tennessee-based owner of the Kensington Apartments in Boulder plans to overhaul its new asset. 

Real estate developer and investor Brickstone Partners Inc., through holding company 2950 Boulder I LLC,  bought the 163-unit complex that caters to students at the nearby University of Colorado this month from Apartments of Boulder LLC for $51 million.

“As part of its contribution to the thoughtful growth and revitalization of Boulder and the city’s aging properties, Brickstone will launch a comprehensive, two-year renovation program aimed at fully upgrading and modernizing the community’s unit interior finishes, including cabinetry, countertops, appliances, flooring, lighting and plumbing fixtures,” the company said in a prepared statement. 

Kensington, built in 1973, has studios, one- and two-bedroom apartments. Amenities include a pool, fitness center and parking garage, according to marketing materials. 

“Kensington is a continuation of our core investment thesis: investing in residential and commercial real estate assets that are in highly constrained markets and generate opportunistic yields,” Brickstone founder Daniel Otis said in a statement. “The fact that this property has never traded hands since its development more than 50 years ago is a substantiation of why we continue to invest heavily in Boulder.”Brickstone has been active in the Northern Colorado and the Boulder Valley real estate and development scene over the past decade. The company’s local deals include buying the Cavalier Apartments and the Marine Park Apartments in Boulder, acquiring the Landmark Apartments and Stone Creek Apartments in Fort Collins, and helping develop the commercial project at 30th and Pearl streets that eventually became Google’s main Boulder campus.

Source: BizWest