Archstone Pays $17.3 Million for 1984 Apartment Complex

DENVER-Archstone Communities Trust, a locally based REIT, is paying $17.3 million for the 256-unit Wendemere at the Ranch Apartments in the bedroom community of Westminster, situated northwest of Denver. It signifies the highest price to date for a 1980s complex.

By John Rebchook | August 30, 2000 at 01:01 AM

The sales price amounts to $67,734 per unit. The complex, built in 1984, is on 13.4 acres at 2890 W. 116th Place, just south of two major thoroughfares, W. 120th Ave. and Federal Blvd. The deal signifies the highest price to date for a complex built in the 1980s, says Doug Andrews, one of two Grubb & Ellis brokers who negotiated the sale. The RREEF Fund is the seller.

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