According to Robert Solliday, the Aspen Group's project managerfor Timberline Village, his company is generally not a long-termholder, preferring properties with prospects of high yields in afairly short amount of time. "We saw the run-up in the apartmentmarket and decided now's the time for sale," he says about 4255 E.Soliere Ave. "This is a pretty great profit in a two-yeartime."

Solliday tells GlobeSt.com the property never went to market.Instead, Aspen informed Bert Kempfert, a senior vice president atCB Richard Ellis, who had represented the previous seller of theproperty, of its interest in selling. Kempfert put the principalsof Scottsdale, AZ-based Aspen Group in touch with local investor,Judy Bassham.

Solliday says Bassham was in the process of selling anothermultifamily property and needed a place to put the proceeds for a1031 exchange. "We thought this was the perfect buyer," he says."She was an established apartment owner. She had the capital athand and appeared able to close within what we thought was anappropriate time frame. Everything came together at what we feltwas a good price. We didn't feel the need to explore themarket."