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Aspen affordable apts. sell for $50.5 million

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

A real estate investment, management and construction firm headquartered in Indianapolis 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-plus-unit, pre-1990s-built affordable housing property in Colorado but also the highest price per unit for a 50-plus-unit, pre-1990s-built affordable housing multifamily property in the Mountain West region as well as the highest price per sf (approximately $435 per sf) for a 50-plus-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 sf and 88,211 rentable sf to moderate-income renters at a Category 3 (130% AMI) totaling no more than $2.36 per sf. The rents increase off of the Denver June to June Consumer Price Index every Jan. 1.

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.

Featured in CREJ’s April 15-May 5, 2020, issue