According to public records obtained by GlobeSt.com, the seller, Sierra Group RP, paid $965,000 in 1994 for the property. In other words, it sold it for 234% more than it paid. The sale price was slightly above the assessed value of $3 million, according to public records.
Terrance Hunt and Shane Ozment of Apartment Realty Advisors were the brokers on the deal. Chipster hired ConAm Management Corp to manage it. This marks Chipster's second acquisition in Denver this year. It also purchased the 118-unit Carlisle on the Parc in the Cheesman Park area.
Chipster intends to reposition the two-building property within the next 18 months. Chip Rome, president of Chipster, says its most recent purchase is a "very good complement to our other central Denver Property and should perform nicely as the Denver economy continues to recover."
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
