A Denver investor paid more than $200,000 per unit for a rarity in Colorado resort towns – an affordable apartment community.
JIP-Snowmass LP paid $7.45 million, or $206,944 per unit, for Club Commons. The property at 52 and 70 Commons Circle in Snowmass Village was sold by Club Commons II Owner LLC.
“A local investor out of Denver was attracted to the scarcity of nice, affordable housing up there and thought it would be a good investment,” Terrance Hunt of ARA Newmark said of the purchase.
Hunt, along with ARA Newmark’s Shane Ozment, Justin Hunt and Andy Hellman, represented the seller.
Club Commons, constructed in 2008, comprises 36 units. It consists of three one-bedroom, one-bath units; six two-bedroom, two-bath units; three three-bed, three-bath units; and 24 four-bed, two-bath units.
It was fully occupied at the time of sale.
