The sale is the third-largest so far this year in the Denverarea, but the price per unit of $117,573 is the most paid.

"I would say that the replacement cost would be $125,000 to$135,000 a unit, so we did not buy it much below retail," Zoellnertells GlobeSt.com. "But the unknown is the land. You just can'tfind 15 acres to develop in this area."

Jeff Hawks, a broker with Grubb & Ellis, agrees. NeitherHawks nor any otherbroker was involved in the direct deal.

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