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Baron Buys Apartment Community for $27 Mil

WESTMINSTER, CO-Apartment communities built in the '1990s rarely sell for less than $110,000 per unit, but that's what 276-unit Calavera Point did - at $97,826 per unit to Greenwood Village-based Baron Properties.

By John Rebchook | Updated on July 02, 2001

WESTMINSTER, CO-Baron Properties, based in the suburb of Greenwood Village, has paid $27 million to the California State Teachers Retirement System for the 276-unit Calavera Point Apartment in Westminster. The sales price equates to $97,826 per unit and $114 per sf.

The property was built in 1995 and it is unusual to be able to buy an apartment community built in the ’1990s for less than $110,000 per unit, says Jeff Hawks, who handled the sale with fellow Grubb & Ellis broker Doug Andrews.

Apartment construction rose dramatically starting in about 1997, Hawks says, so institutional quality projects such as Calavera were built at a lower cost, he adds.

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