2036 Canyon Blvd, Boulder, CO 80302

TWO-STORY TOWNHOUSE UNITS — BOULDER’S RAREST RENTAL PRODUCT

Regal’s four three-bedroom and two two-bedroom townhouse apartments occupy a category of their own in Boulder’s rental market. Multi-level living, private bedrooms across two floors, and a residential scale that feels closer to a home than an apartment. Students and young professionals seeking this combination cannot find it elsewhere — and replicating it would require ground-up construction on land that does not exist in central Boulder’s restrictive zoning environment. Post-renovation, each townhouse delivers $3,375 per unit ($1,125/bed), a 54% increase from current rents and $14,244 in annual rent uplift per unit. These are the portfolio’s most powerful return drivers.

FOUR BEDROOM TYPES, FULL-SPECTRUM DEMAND

Eight studios, eight one-bedrooms, two two-bedroom townhouses, and four three-bedroom townhouses. Most Boulder student housing assets are single-product-type properties. Regal captures tenants from solo graduate students seeking compact, well-located studios through roommate groups drawn to the townhouses’ shared living format. That breadth provides a natural hedge against demand shifts in any single bedroom count, maximizes rental income per square foot, and reduces lease-up concentration risk. It also means the business plan is not contingent on any one unit type outperforming — the mispricing runs across the entire rent roll.

BELOW-MARKET RENTS ACROSS EVERY CONFIGURATION

Studios at $1,228 versus comp averages north of $1,500. One-bedrooms at $1,372 versus $1,700+. Three-bedroom townhouses at $2,188 versus $3,000+ for comparable multi-level product. A disciplined $770,000 renovation ($35,000 per unit) converts that property-wide gap into a weighted average rent increase of 32%, from $1,525 to $2,054 per unit. The scope is interior-focused and cosmetic — kitchen and bath modernization, new flooring and fixtures, refreshed finishes — with no structural work required. The property is in decent existing condition. This is high-return, low-complexity execution.

TWO SURFACE PARKING LOTS — A MONETIZABLE ADVANTAGE

On-site parking in central Boulder is increasingly rare and increasingly valuable. As the submarket densifies and on-street availability declines, Regal’s two dedicated surface lots become a meaningful competitive edge. Parking reduces friction during lease-up, supports rent premium, improves tenant retention, and can be monetized as a standalone income stream. In a market where new development is restricted and existing parking supply is shrinking, this is an asset that appreciates alongside the broader supply deficit.

CU BOULDER — 68,000 APPLICANTS, 38,800 STUDENTS, STRUCTURAL DEMAND

CU Boulder drew a record 68,000 applicants for Fall 2025, a 20% year-over-year increase, and grew total enrollment 3.4% to more than 38,800 students — even as national freshman enrollment declined 5%. A 91.2% retention rate produces a self-renewing tenant pool that does not depend on any single admissions cycle. On-campus housing serves freshmen and sophomores only, pushing more than 30,000 upper-division and graduate students into the private market annually. Regal’s Canyon Boulevard position places it on a primary corridor between campus and downtown, directly in the path of that demand.

PERMANENT SUPPLY CONSTRAINTS

Non-dorm student demand has grown at a 10-year compound annual rate of 3.0%, while Boulder’s total rental license count has declined 2.6% since 2020 — an estimated deficit approaching 1,250 units. The city’s 55-foot height limit, open space mandates, and notoriously restrictive permitting process prevent meaningful new construction in central Boulder. For owners of existing, well-located housing stock, the longer the hold, the wider the moat. Regal’s architectural distinctiveness and product diversity only strengthen that position over time.