The Reve remains vacant despite the $151.25 million acquisition of the central Boulder apartment complex this month. But that will soon change.
As part of the deal — a pre-finish sale — buyer Virtu Investments LLC will work with seller Southern Land Co. and financial backer GTIS Partners to complete construction in the next few months, according to SLC.
“What we have found in Virtu Investments is not only a purchaser, but an outstanding partner as well, which will see this project through and ensure it thrives,” SLC CEO Tim Downey said in a statement.
Virtu expects the first residents of the 244-unit community located in the southeast quadrant of 30th and Pearl streets.
The Reve is pre-leasing now, and Greystar Worldwide LLC will serve as the property-management company when residents begin moving in, Virtu acquisitions director Erik Reif told BizWest in an email.
Not included in the Virtu purchase was about 115,000 square feet of office space, which has been deeded to an entity operated by Southern Land Co. It remains unclear who will occupy that office space.
The Reve project represents the first foray for both SLC and Virtus into the Boulder market, one that both companies tout for its growth potential.
“Boulder has always been a target market for us,” Reif said. “The balance of a small town feel with a nationally recognized university; the environmental protections and conservation efforts while keeping a focus on planned and controlled growth; and the elevated quality of life make it a unique and desirable market.”
SCL cited Boulder’s “rapid population and job growth” as key factors in the decision to develop The Reve.
While Boulder is a new market for the companies, both have other projects in Colorado.
Virtu operates a pair of affordable apartment communities in Basalt, and SLC is involved in several projects in Denver and an ongoing development in Erie.
“We plan on being long-term owners here and are looking to further expand our portfolio in Colorado,” Reif said.
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