Brickstone Partners Obtains $49 Million Financing for Mountainaire in Boulder, Colorado

Brickstone Partners Secures $49 Million in Funding for Mountainaire

Brickstone Partners, a reputable real estate investment and development firm based in Nashville, Tennessee, has announced its successful acquisition of a substantial refinancing deal amounting to $49 million for the Mountainaire multifamily community located in Boulder, Colorado. This financial step is strategic as it aligns with their ongoing mission to enhance student-focused living accommodations within the area.

The Mountainaire property, which boasts a capacity of 270 beds, was acquired in 2022, following which Brickstone embarked on an ambitious renovation plan valued at $15 million. This extensive overhaul effectively rejuvenates the buildings, presenting facilities akin to new developments, thereby catering significantly to the student demographic in Boulder.

Daniel Otis, the founder and principal of Brickstone Properties, emphasized the company’s expertise in implementing innovative value strategies, particularly in challenging markets such as Boulder. With this latest refinancing deal, Brickstone’s impressive portfolio now reflects a remarkable 10 investments in Boulder since 2008, amounting to nearly $1 billion in total investments and recapitalizations. Additionally, Brickstone is recognized as one of the largest student housing providers at the University of Colorado at Boulder, and it notably co-developed the GOOGLE campus.

In light of the prevailing economic environment characterized by rising interest rates and increased operational costs—estimated at over 500 basis points—this refinancing is viewed by Otis as a testament to Brickstone’s resilience and adaptability throughout various market cycles. He remarked, “This refinancing substantiates our capability to navigate through economic downturns effectively.” The company achieved a cash-out refinancing option from a long-term low-cost source of debt capital, underscoring their commitment to maintaining strong returns.

Brickstone’s strategy centers on targeting niche markets and leveraging value-add initiatives to ensure stable returns and positive cash flow throughout diverse investment cycles. This recent recapitalization allows them to actualize their investment plans for Mountainaire while transitioning away from a tumultuous economic period. The firm reaffirms its dedication to serving the local student population and residents while generating long-term value for its financial partners.

With investments exceeding $1 billion in Boulder and Fort Collins, Brickstone Partners has established itself as a major player in the student-focused multifamily housing sector within Colorado. Their focus on acquiring and developing properties in highly desirable locations highlights their strategic approach to real estate investment.

About Brickstone Partners

Founded in 2001 by Daniel Otis, Brickstone Partners, Inc. operates as a comprehensive full-service real estate investment and development firm. The firm has successfully engaged in over $1 billion worth of developments across office, retail, and multifamily sectors. Today, Brickstone is dedicated to acquiring and developing multifamily communities situated in irreplaceable locations within sought-after markets, committed to yielding robust returns and enduring value for the communities in which they operate.

For further media inquiries, contact Andrew Ruhland at LinnellTaylor Marketing, at 303-682-5003 or via email.