12th Street Portfolio
22-Bedroom Student Housing Portfolio on The Hill | Steps from CU Boulder
Marketing description
The Unique Apartment Group is pleased to present 1127 and 1139 12th Street, a two-property, 22-bedroom, 9-bathroom student housing investment offering on University Hill in Boulder, Colorado. The offering consists of 1127 12th Street (12 beds / 4 baths) and 1139 12th Street (10 beds / 5 baths), situated on the same block and offered together to provide scale, leasing efficiency, and concentrated exposure to the most coveted student rental submarket in the state. Both properties sit steps from the CU Boulder campus and the retail, restaurant, and bar corridor that defines The Hill. Students gravitate to The Hill for the social scene and walkability, and demand consistently outpaces supply: University Hill is geographically landlocked and effectively built out, with zoning and topography that sharply limit new construction, while CU Boulder enrolls over 38,000 students against a persistent on-campus housing shortfall.
The Hill submarket operates on a pre-leasing cycle: next year's leases are typically executed during the prior fall semester, giving ownership rare forward visibility into occupancy and rental income before the current term rolls. Both properties are currently leased to fraternity members, with 1127 12th serving as a chapter's main house and 1139 12th operating as a satellite house to a separate chapter, providing organizational lease guarantees and a built-in pipeline for future occupancy through each chapter's recruitment cycle. Annual rent step-ups are the submarket norm, and the group lease configuration at both properties reduces turnover friction and delivers a stabilized, hands-off cash flow profile.
Ownership has also invested meaningfully across both assets over recent years, leaving a new buyer with minimal near-term capital exposure. At 1127 12th Street, the exterior deck was replaced with Trex decking in 2024, two bathrooms were fully remodeled in 2025, and a $120,000 interior modernization was completed in 2026, including a full electrical and panel upgrade, drywall replacement, fresh paint throughout, and general maintenance. At 1139 12th Street, a new backflow preventer and water shutoff were installed in 2024, and in 2025, both water heaters were replaced and one bathroom was fully remodeled.
Investment highlights
- Irreplaceable Location: University Hill is geographically landlocked and effectively built out, with zoning and topography that sharply limit new supply.
- Durable Demand: CU Boulder enrolls over 38,000 students against a persistent on-campus housing shortfall, with The Hill the first submarket to absorb each leasing cycle.
- Tenant Desirability: Proximity to campus and immersion in the university's social, retail, and entertainment corridor establish The Hill as the preferred student submarket in Boulder, translating into deep tenant demand and minimal marketing effort at each lease cycle.
- Forward Visibility: The Hill operates on a pre-leasing cycle, with the following academic year's leases typically executed in the prior fall semester.
- Enhanced Lease Credit: Both properties are leased to fraternity members, with 1127 12th serving as a chapter's main house and 1139 12th operating as a satellite house to a separate chapter, providing organizational lease guarantees and a recruitment-driven pipeline for future occupancy at both assets.
- Programmed Rent Growth: Annual rent step-ups are the submarket norm, supported by a chronic supply and demand imbalance.
- Recent Capital Investment: Ownership has invested meaningfully across both assets in recent years, addressing interior finishes, mechanical systems, and targeted renovations that leave a new buyer with minimal near-term capital exposure.
- Future Redevelopment Potential: RH-5 zoning and a combined 15,625 SF site (via lot line elimination) support meaningful density expansion, with existing architectural studies contemplating 14 to 19 additional bedrooms. A prior Landmark Alteration Certificate and Boulder's favorable 2025 zoning amendments establish design precedent and de-risk a future value-add program.
- Predictable Cash Flow: The combination of location, demand, lease structure, recent capital work, and redevelopment optionality positions the offering to deliver consistent year-over-year income growth in one of Colorado's most durable rental submarkets.
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