According to Robert Solliday, the Aspen Group's project manager for Timberline Village, his company is generally not a long-term holder, preferring properties with prospects of high yields in a fairly short amount of time. "We saw the run-up in the apartment market and decided now's the time for sale," he says about 4255 E. Soliere Ave. "This is a pretty great profit in a two-year time."

Solliday tells GlobeSt.com the property never went to market. Instead, Aspen informed Bert Kempfert, a senior vice president at CB Richard Ellis, who had represented the previous seller of the property, of its interest in selling. Kempfert put the principals of Scottsdale, AZ-based Aspen Group in touch with local investor, Judy Bassham.

Solliday says Bassham was in the process of selling another multifamily property and needed a place to put the proceeds for a 1031 exchange. "We thought this was the perfect buyer," he says. "She was an established apartment owner. She had the capital at hand and appeared able to close within what we thought was an appropriate time frame. Everything came together at what we felt was a good price. We didn't feel the need to explore the market."