Four Peaks Buys Broomfield Apartments for $85 Million

A California-based company snapped up nearly 300 units in Broomfield.

Four Peaks Multifamily Partners, a real estate private equity firm based in Beverly Hills, bought the 297-unit Harvest Station Apartments for $85 million, the Denver Business Journal reported. The seller, San Francisco-based real estate investment company Hamilton Zanze, bought the property at 11775 Wadsworth Boulevard in 2016 for $67.2 million.

The Harvest Station Apartments were built in 2014 and include a mix of one-, two- and three-bedroom units reaching up to 1,500 square feet. Some of the units on site have attached garages and private patios.

Residents have access to amenities including a clubhouse, a business center, a fitness center, a pet park, a swimming pool and a spa. Nearby retail offerings include the Flatiron Crossing Mall, Westminster Promenade and Broomfield Town Center.

It’s not Four Peaks Multifamily Partners’ first play in the Denver area. The firm also owns the Peaks on Drake apartment complex in Fort Collins. That property, built in 1973, consists of 92 one-, two- and three-bedroom units with amenities like a swimming pool, basketball court, picnic area and dog park.

Near the Harvest Station Apartments, another apartment complex broke ground earlier this summer. Denver-based Ulysses Development Group secured financing for a 152-unit affordable housing community at 11801 Wadsworth Boulevard, according to the Business Journal. Construction on that project is expected to be completed in spring 2027.

Elsewhere in the region, last month, Two Arrows Group, Spark & Halo and OlivePoint Capital jointly purchased the Parkside at City Center retail buildings and Stella on the Park apartments in a $50.5 million deal. The seller, Milender White Construction affiliate Parkside Aurora, co-developed and built the community in 2021.

Four Peaks Multifamily Partners was founded in 2019 and has acquired $1 billion in multifamily communities across the country, according to its website. The firm’s other properties are in Idaho, Indiana, Montana, Nevada, New Mexico, Ohio, Texas, Utah and Washington.

The city of Broomfield had an inventory of 15,476 empty units in the second quarter of this year, per CBRE data cited by the Business Journal. The multifamily vacancy rate for the city was 4.4 percent.

— Chris Malone Méndez