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CENTENNIAL, CO-A local developer has paid $23.5 million for the 230-unit Saddle Ridge Apartments at the northwest corner of Dry Creek Road and Yosemite Street in this Arapahoe County community. The sale of the recently-built community was brokered by Al Ray, of Al Ray Cos.

Saddle Ridge is being converted into condominiums. Ray tells GlobeSt.com Saddle Ridge is “ideally suited for home ownership, with great floor plans, private direct access garages, and a location in the Cherry Creek School District near the Denver Tech Center, Inverness Business Park and the Meridian employment centers and the Park Meadows regional mall.”

At Saddle Ridge, units range in size from 754 square feet to 1,140 square feet. Units are priced from the $130,000s.The seller is affiliated with HMB Partners, a Denver-based land and community developer. It has owned the property since 1997.

At the time of the offer, the occupancy at Saddle Ridge was 99%.

“This is a fine property,” says Don Bauregard, a principal with the seller, says. “We are delighted to see it converted to its highest and best use.

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