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."

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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.

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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."

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Located just south of Interstate 40, the 11.4-acre complex wasdeveloped in 1997. It is a mix of one-, two-, and three-bedroomapartments from 756 sf to 1,307 sf. Rents range from $875 to $1,250per month.

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Solliday reports the complex was 95% to 98% leased in the monthsleading up to the sale. He says tenancy tends to drop slightlyduring the summer months and then pick up again in August.

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"This has been a profitable investment for Aspen and ourinvestors," Aspen Group founder and CEO Donald L. Meyers says."While the market has been tough, we are faring well."

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Aspen Timberline II LLC, a related entity, maintains ownershipof an adjacent community, Timberline Place, which was purchased atthe same time as Timberline Village. Timberline Place includes 204condominiums along with a fitness center, indoor basketball court,yoga studio, heated swimming pool and spa and community clubhouse.It features one, two and three-bedroom units ranging from 725 sf to1,275 sf and prices upward of $150,000. More than one third of theunits have been sold.

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