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Aspen Square Sells Weatherstone for 360% More Than Assessment Value

AURORA, CO-A federally subsidized apartment community trades hands for $63,725 per unit. The sale represents a 360% increase from the $2.82 million assessment of the property, according to tax records obtained by GlobeSt.com.

By John Rebchook | Updated on February 28, 2006

(To read more on the multifamily market, click here.)

AURORA, CO-The Adams Weatherstone Group recently paid $13 million, or $63,725 per unit, for the 204-unit Weatherstone Apartments. The 24-year-old property, located at 15594 E. 12th Ave., was sold by Aspen Square Management.The sale represents a 360% increase from the $2.82-million assessment of the property, according to tax records obtained by GlobeSt.com. However, the records also show the sale price was 64.1% more than the previous sales price of $7.9 million.The property includes 18 one-bedroom, 168 two-bedroom and 18 three-bedroom units. It includes a clubhouse, two tennis courts, a swimming pool and playground. The seller owned it for more than 10 years, according to Steve Rahe, first vice president of CB Richard Ellis and Craig Stack, a senior associate at CBRE. Together, they head the Colorado Multifamily Team.The existing Housing Assistance Payment, or HAP contract, for Section 8 housing under the HUD, expired last December. The new owner, according to the CBRE team, will begin a “large renovation” of the property with a renewed HAP contract for the next 20 years. The team says the new owners will be working closely with the Colorado Housing and Finance Authority and HUD. This marks the 12th subsidized apartment building the Rahe/Stack team has sold during the past few years.

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