The group bought the building from the Colorado Housing and Finance Authority. So why did CHFA sell it for more than it's worth, at least for tax purposes?
"It was a vacant building," Erik Robinson, the broker for Hendricks & Partners, who handled the deal, tells GlobeSt.com. "It has no income." He says he suspects "the assessor's office is comparing the property to sales of similar properties, but those buildings are probably occupied and have an income stream.
CHFA acquired the building through a foreclosure, Robinson notes. The buyer, which also owns the Caley Ridge assisted living center near the Denver Technological Center, plans to do some minor remodeling and operate it as an assisted living building, he adds.
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