Wheat Ridge, CO (November 1, 2010) — Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, recently brokered the sale of the Elliot Apartments in Wheat Ridge, CO. The buyer, Jefferson County Housing Authority, purchased the property from Kendall Investment Company for $940,500. This represents a price per unit of $44,786 and a price per square foot of $72.82. The Jefferson County Housing Authority plans to make extensive capital improvements to the property.
"This was a particularly successful sale as ARA was able to negotiate a reduced payoff with the lender and underlying investor. This allowed for the seller to get out from an overleveraged asset. The entire short sale process was completed in 70 days." said Justin Hunt, who represented the seller in this transaction.
The Elliot Apartments is a 21-unit community comprising of seven triplex buildings spread over contiguous lots. Constructed in 1951, these solid brick buildings feature all one-bedroom units located between West 38th Avenue and West 44th Avenue in Wheat Ridge, CO.
This location allows for an easy walk to the Town Center Park, local bus lines and provides quick access to both I-70 and I-76. The property also enjoys close proximity to local shopping, restaurants, Berkeley Lake, and Willis Case Golf Course.
The property was 91% occupied with average rents of $477 at the time of sale.
About ARA
Atlanta-headquartered Apartment Realty Advisors (ARA) is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, distressed, affordable, seniors, student, manufactured housing, note sales and multihousing land. ARA is comprised of the country's top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA's unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in average annual production volume of $6.3 billion in real estate transactions since 2003. For detailed information on ARA's extensive multihousing investment services, visit www.ARAusa.com.