"This is the most amount of money - in total dollars - that hasever sold," Jeff Hawks, a Grubb & Ellis Co. senior vicepresident who co-brokered the sale, told GlobeSt.com. "A recentpurchase by Legacy Partners in Cherry Creek sold for more per unit,but that was a much smaller complex." The Lowry project had soldfor $123,671 per unit and $130.54 per sf.

Doug Andrews, a Grubb & Ellis land specialist teaming withHawks on the sale, says the complex is well worth the price. Theproperty is situated at the former Air Force base on Denver's eastside, which is being converted into a mixed-use project. "With thedevelopment of Jefferson Estates at Lowry a new era has begun inDenver," Andrew says. "Amenities and features of this property havenever been seen before in the metro Denver apartment market."

AMLI has renamed the property AMLI at Lowry Estates. A 50-50joint venture between AMLI and an institutional partner is the newowner. If certain benchmarks are reached, AMLI Residential willreceive an increased portion of the residual interest.