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Aspen Affordable Apartments Sell for $50.5 Million

Jennifer Hayes
Colorado Real Estate Journal

A real estate investment, management and construction firm headquartered in Indianapolis, Indiana paid a record price per unit for an affordable housing property in Aspen.

Birge & Held paid $50.5 million, or $338,926 per unit, for the Centennial Aspen community at 100 Luke Short Court.

Its price per unit was not the only highest price per unit for a 25+ unit, pre-1990s built affordable housing property in Colorado but also the highest price per unit for a 50+ unit, pre-1990s built affordable housing multifamily property in the Mountain West region as well as the highest price per square foot (approximately $435 per square foot) for a 50+ unit, pre-1990s affordable community across the Mountain West region, according to CoStar sales data.

Centennial LP sold the 149-unit community, constructed in 1986, which is the largest privately owned affordable community in Pitkin County.

Jason Hornik and Greg Price of Marcus & Millichap handled both sides of the transaction.

Centennial Aspen was highly sought after with more than 20 offers on the community, which will remain as affordable/workforce housing, according to Marcus & Millichap.

Per the property�s land use restriction agreement, 100% of the rental units must be used for workforce housing. As well, the owner is required to provide 17,723 rentable square feet to low-income renters at a Category 1 (50% area median income) totaling no more than $2.02 per square foot and 88,211 rentable square feet to moderate-income renters at a Category 3 (130% AMI) totaling no more than $2.36 per square foot. The rents increase off of the Denver June to June Consumer Price Index every January 1st.

Centennial Aspen comprises a mix of studio, one, two and three bedroom units. Amenities include laundry facilities, ample parking, exterior storage, a playground and high-speed internet access.

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Rocky Mountain Commercial Brokers

Rocky Mountain Commercial Brokers is a group of independent professionals who specialize in the sale and lease of office, retail, healthcare, industrial, investment properties, land and ranches in the Rocky Mountain region. Our commercial real estate broker members have met high standards and recognition in their field and have years of experience with all aspects of commercial real estate.