BOULDER, Colo.--(BUSINESS WIRE)--Brickstone Partners and Deutsche Finance America (“DFA”) today announced the recapitalization of The Lodge at Boulder, a 220-unit, 355-bedroom student housing complex near the University of Colorado campus.
The project is being led by Daniel Otis of Brickstone Partners, which purchased The Lodge property more than three years ago and began large scale renovations of many of the units and the common spaces. The new partnership plans to complete renovations to the remaining unit interiors and finalize upgrades to the clubhouse, leasing office and mechanical systems.
The recapitalization of The Lodge marks the second joint investment between DFA and Brickstone, following the groundbreaking last December of the LakeHaus, a 200-unit luxury apartment community under construction in the Lake Calhoun neighborhood of Minneapolis. To date, DFA has invested approximately $50 million with Brickstone and in 2019-20 they plan to invest $100 million of additional equity, primarily focused on an opportunistic student housing platform.
Brickstone Partners is a seasoned, full-service real estate investment and development firm with roots in Colorado and Minnesota. Founded in 2001, Brickstone focuses primarily on providing high-end luxury housing in legacy locations. They also develop and invest in office assets in select locations. Brickstone is one of the largest private owners and operators of student housing properties at the University of Colorado. Brickstone strives to generate opportunistic yields with lower risk for its partners and investors.
Said Otis, “This joint investment between Brickstone and DFA reflects our continued commitment to the University of Colorado at Boulder. Our hope is that this property will contribute to the sophisticated needs of the University of Colorado student community for years to come. Furthermore, we are excited to launch our new national student housing investment platform with this first investment together in Boulder. I am very excited to continue Brickstone’s strong relationship with Deutsche Finance America.”
Based in Denver, Jason Lucas has recently taken the helm of DFA as the managing partner for North America. Lucas commented, “I am looking forward to continuing our partnership with Brickstone and Dan Otis. The Lodge at Boulder offers our LP investors exposure to an asset in a premier university market with high barriers to entry.”
About Deutsche Finance America
Deutsche Finance Group (“DFG”) is a global real estate investment management firm established in 2005 and headquartered in Munich with offices in London, Denver, Zurich, and Luxemburg. DFG has €2 billion of assets under management. Deutsche Finance America (“DFA”) is a subsidiary company established in 2018 to source, structure and asset manage direct real estate investments in the United States on behalf of DFG’s institutional client accounts and managed funds. DFA has closed on four deals totaling $300 million of equity in its first year of operations. Additional information can be found at www.dfamerica.com.
About Brickstone Partners
Brickstone Partners, Inc. is a full-service real estate investment and development firm with offices in Denver and Minneapolis. Founded in 2001, Brickstone has been involved in more than 2.1 million square feet of office, retail and multi-family investment and development. Most recently, Brickstone has been focused on developing high-end multifamily housing in legacy locations in highly desirable neighborhoods. The Company is also co-sponsor of the $137 million Google Regional Headquarters in Boulder, Colorado. While Brickstone delivers strong returns to its investors, it is equally committed to adding long-lasting value to the communities and neighborhoods it serves.