According to public records obtained by, the seller,Sierra Group RP, paid $965,000 in 1994 for the property. In otherwords, it sold it for 234% more than it paid. The sale price wasslightly above the assessed value of $3 million, according topublic records.

Terrance Hunt and Shane Ozment of Apartment Realty Advisors werethe brokers on the deal. Chipster hired ConAm Management Corp tomanage it. This marks Chipster's second acquisition in Denver thisyear. It also purchased the 118-unit Carlisle on the Parc in theCheesman Park area.

Chipster intends to reposition the two-building property withinthe next 18 months. Chip Rome, president of Chipster, says its mostrecent purchase is a "very good complement to our other centralDenver Property and should perform nicely as the Denver economycontinues to recover."

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