The downtown apartment scene just grew with the recently approved plan for adding a 20-unit luxury apartment building at 1707 Walnut Street. Purchased by Element Properties, a Boulder-based developer and property-management company, and a group of undisclosed investors, the building will also have about 8,000 square feet of retail space.
The apartments, which will be one- and two-bedroom units, are likely to rent for about $2 per square foot, according to Element Properties and will be marketed to young professionals working in downtown Boulder and empty nesters.
A report released in October by the Colorado Division of Housing said the vacancy rate for apartments in the city of Boulder, excluding the university area, to be 1.8 percent. Residential construction in the past has focused on luxury condominium complexes - this the first apartment building to be developed downtown in 25 years. Look for the opening in early 2014.
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