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 "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.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.