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LITTLETON, CO-The Littleton Housing Authority has paid $3.68 million for the three-story, 60-unit subsidized senior housing community at 5809 S. Gallup St. near the downtown of this southwest suburban city. The seller was Bob Martinez of Castle Rock, CO.

The three-story building was constructed in 1983.

The 42,444-sf building is appraised at $2.4 million, according to public records viewed by GlobeSt.com.

The property was financed through series A bonds purchased by US Bank, as well as some subordinate series B Bonds. The Colorado Division of Housing, the Colorado Housing and Finance Authority and Arapahoe County are securing additional project funding.

“The key to this deal was the financing,” says Terrance Hunt of the Grubb & Ellis Multi-Housing Properties Team, who handled the transaction. “Often when utilizing this many different sources of funds, it can be difficult to keep everyone on the same page. We were fortunate that everyone moved toward the same goal and stayed focused on the transaction. The buyer and sellers walked away happy and the tenants’ subsidy will be prolonged beyond the expiration of the building’s Housing Assistance Program contract, which would have expired in 2003.

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