168-Unit Value-Add Nets $22M for Two-Year Plan

FLAGSTAFF, AZ-Aspen Timberline LLC has sold the 168-unit Timberline Village for $21.6 million to a local partnership. The seller acquired the complex in 2006 for $17 million.

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.