The complex is 100% occupied. Western Property Advisors, the seller, had been planning to sell the 15-building complex as soon as it had been fully leased. Monthly rents average $750 for a one-bedroom, $900 for larger bedroom units and $3,850 for a standard two-bedroom.
A residential moratorium in Longmont provides an entry barrier to competitors. Ute Creek Apartments LLC is co-managed by investors Mike Tracey and Roger Pomainville. The company searches for under-valued properties where it can add value through better management.
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