Steamboat apartment complex sells for record $9M
STEAMBOAT SPRINGS — Routt County posted the largest sale of an apartment complex in its history when a Denver-based investment group bought the Skiview Place Apartments at Whistler Road and Skyview Terrace for $9,050,000.
The complex, which sits on 1.1 acres, includes 33 one-bedroom units and nine two-bedroom. The new owners are Tralee Steamboat LLC, which operates under the umbrella of Tralee Capital Partners.
According to managing member Mike Kelly, Tralee owns 1,200 multi-family properties across the U.S., including affordable housing in Silverthorne.
Skiview Place Apartments were developed and managed by Brinkman Partners and first opened in 2015. At the time, it was the first apartment complex finished after the 2008 economic crash. All the units are market-priced apartments and will still be managed by Brinkman.
No changes are expected right now for current renters, said Greg Breslau, a broker with Cook Group at Colorado Group Realty, who represented the sellers.
“Tralee is in for the long haul,” Breslau said. “They want to have good relationship with the community and the tenants here.”
Breslau said the sale is a positive sign for Steamboat Springs.
“It shows stability in the market,” Breslau said. “You have a Denver investor — a very sophisticated investment group who owns resort town assets — and they want to be in a place where they know their investment is safe.”
Breslau said Tralee had been looking at the Steamboat market for a long time. The $9 million price tag amounts to about $216,000 per unit. Breslau said a similar property would sell for much more in Denver.
Kelly said Steamboat’s growth and the quality of the apartments made the purchase a good deal.
“We like the overall dynamics of the town,” Kelly said. “It’s less seasonal than it used to be. The apartments are very-well built … nice ceilings, windows, great views … balconies. They just did a nice job.”
Currently, the one-bedroom, 682-square-foot apartments at Skiview rent for $1,350 a month, and the two-bedroom, 972-square-foot units lease for $1,950 a month.
Breslau, who specialized in these kind of commercial sales while living in Denver, said a number of developers are eyeing Steamboat in hopes of developing more apartment complexes, but right now, land prices are keeping them away.
Breslau said Denver keeps detailed reports of occupancy statistics, and the city averages between a 3 to 5 percent vacancy rate.
“Steamboat’s vacancy rate is below 3 percent,” he said. “We desperately need apartment housing, which is why you’re seeing the Yampa Valley Housing Authority” building what they can.
Frances Hohl is a contributing writer for the Steamboat Pilot & Today. She can be reached through the editor.
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STEAMBOAT SPRINGS — Routt County was moved into level yellow on the state of Colorado’s COVID-19 2.0 dial beginning Friday.