Western Property's Sell Strategy Nets About $18.8 Million for Ute Creek Apartments

LONGMONT, CO-Ute Creek Apartments LLC, a Boulder County-based investment group, has shelled out almost $18.8 million for the 210-unit Ute Creek Apartments in Longmont, a city north of Boulder.

The complex is 100% occupied. Western Property Advisors, the seller, had been planning to sell the 15-building complex as soon as it had been fully leased. Monthly rents average $750 for a one-bedroom, $900 for larger bedroom units and $3,850 for a standard two-bedroom.

A residential moratorium in Longmont provides an entry barrier to competitors. Ute Creek Apartments LLC is co-managed by investors Mike Tracey and Roger Pomainville. The company searches for under-valued properties where it can add value through better management.