Brickstone Partners spends $71 million to acquire, renovate and reposition Kensington Apartments in Boulder, Colo.

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Aug 23, 2022, 11:03 ET

BOULDER, Colo., Aug. 23, 2022 /PRNewswire/ -- Brickstone Partners, a full-service real estate investment and development firm located in Nashville, Tenn., today announced the acquisition of Kensington Apartments adjacent to the University of Colorado at Boulder.

Since its founding in 2001, Brickstone has been involved in more than $1 billion of real estate transactions, including more than $500 million in Boulder.

"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," said Daniel Otis, founder of Brickstone. "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."

Just blocks from the University of Colorado at Boulder campus, Kensington Apartments offers 163 units and a host of amenities designed specifically for students, including an onsite laundry facility, underground parking, fitness center, indoor pool, clubhouse and much more.

As part of their 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.

In addition to the interior improvements, Brickstone will extensively upgrade the life safety features, amenities, clubhouse and exterior landscaping, making the property nearly new again.

"We are excited to add Kensington to our extensive portfolio of Colorado communities, and for the opportunity to enhance the property to better serve the needs and desires of its residents and of this great city and institution," Otis said. "With the iconic Flatirons as a backdrop, Boulder is one of the most beautiful places to live in the nation. The city continues to grow rapidly because of the prestige of the university and the rapid influx of technology companies choosing to call Boulder home. With our investment in Kensington, we look forward to contributing to this dynamic growth by providing a safe, fully-renovated community that caters to the active and modern lifestyle that Boulder residents desire today."

About Brickstone Partners

Brickstone Partners, Inc. is a full-service real estate investment and development firm office in Nashville. Founded in 2001 by Otis, Brickstone has been involved in more than $1 billion of office, retail and multifamily investment and development. Most recently, Brickstone has been focused on acquiring and developing multifamily housing in legacy locations within highly desirable markets. While Brickstone delivers strong returns to its investors, it is equally committed to adding long-lasting value to the communities and neighborhoods it serves.

SOURCE Brickstone Partners