Flywheel Capital Acquires Two Buildings in Boulder, Colorado


DENVER, June 30, 2022 – Flywheel Capital announced today it has completed the acquisition of Centennial Creek, two 15,000 office buildings in Boulder, Colorado.  The stabilized asset currently serves 16 tenants.

Centennial Creek lies adjacent to the crossroads of 28th Street and Valmont Road and offers walkable access to Boulder’s famed Pearl Street dining area, the campus of the University of Colorado, and numerous trails.  Denver International Airport is 43 miles from Centennial Creek, offering a unique mix of access to world-class infrastructure within a college town feel.

The area is also subject of new focus as a hub for firms in the technology and life sciences industries. BioMed Realty, a Blackstone portfolio company, recently acquired a 22- building complex nearby Centennial Creek for $600 million.  Google, Apple, Twitter, and Oracle are all firms that have offices in the Boulder market.

“Centennial Creek is a great example of the type of asset with which our firm excels,” said Ben Hrouda, Managing Partner at Flywheel.  “We have a great pulse on the area and how assets like Centennial Creek add value to the economy, so when we learned about the opportunity to be a part of the Boulder community, we couldn’t pass it up.” 

John Fefley, Senior Director at Flywheel further described the how Centennial Creek fits in the Flywheel portfolio.  “Centennial Creek is a wonderful addition to our asset mix.  The current rents are well-below market in an area receiving significant interest for its combination of educated talent base, beauty, and work-life balance.  The property is a great value to tenants, is in an opportunity zone, and lies within a multifamily zoning designation.  Our investors are pleased with the addition of Centennial Creek.

Flywheel was joined by Chestnut Funds, a private real estate fund management firm, as an equity partner in the asset’s acquisition, which is the second joint venture between the organizations.  “We are delighted to work with Flywheel again and pleased to add Centennial Creek to the portfolio of Chestnut Real Estate Fund III,” said Steen Watson, Chestnut Fund’s CEO.  

Fortis Private Bank, led by Patrick Brayton, provided the financing for the acquisition.  Christian Smith of Dean Callan & Company, Inc. provided brokerage services for the transaction.

“We are very fortunate to work with such talented professionals,” said Flywheel’s Senior Director, Ian Nichols.  “We thrive on our expertise in the Colorado markets, but we couldn’t continue our rapid growth without the help of great partners.”

About Flywheel Capital

Flywheel Capital creates long-term, generational wealth for our clients through insightful and creative investments in commercial real estate. Our results-proven strategy is grounded in sourcing, incubating, and managing hidden-value assets that realize substantial returns over time. Based in Denver, Flywheel Capital collaborates with investors, lenders, and community leaders to craft deals that positively contribute to the economic health of the Colorado community. To learn more, visit or visit us on LinkedIn.

About Chestnut Funds

Founded in 2012 and based in Chattanooga, Tennessee, Chestnut Funds manages private funds that share a strategy of middle market, commercial real estate investment, operate in an institutional manner, and invest in multiple property types alongside operating partners who possess significant expertise in a property type or market. To learn more, visit or visit Chestnut Funds on LinkedIn.