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GlobeSt.com EXCLUSIVE: Colorado Investor Grabs Two Complexes for $57M

LITCHFIELD PARK, AZ-The new owner, led by Jan Storey of Evergreen, pays $31.1 million for Remington Ranch, 304 units in upscale Litchfield Park, and $25.7 million for the Club at Coldwater, an under-construction, 251-unit development in Avondale.

By Jennifer D. Duell | Updated on November 15, 2004

LITCHFIELD PARK, AZ-In its first acquisitions in the Phoenix Valley, an investment group from Evergreen, CO, has paid $56.8 million for the 304-unit Remington Ranch in Litchfield Park and 251-unit Club at Coldwater in Avondale. The buyer fulfilled a 1031 exchange requirement with the acquisitions.

Chris Fontane of Denver-based NAI Fuller & Co. says the Warwick, RI-based Picerne Development Co., the developer and seller, will continue to lease and manage the properties. “The buyer had purchased an apartment property from Picerne in Las Vegas,” Fontane tells GlobeSt.com. “They became comfortable with the quality of the buildings and the management style and when they found out that these assets were available they pursued them.”

Fontane says the investment group, led by Jan Storey, started out investing in older communities in Denver and has completed more than 31 transactions. “They’ve just traded up over the years,” she says.

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