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DENVER-A private investor from California has acquired the 112-unit Pine Meadows and the 60-unit Village Gardens apartment complexes for $7.4 million, according to Apartment Realty Advisors. Terrance Hunt of ARA, who represented seller American Housing Preservation Corp., reports that the sale is part of American Housing’s realignment of its $100-million Colorado portfolio.

American Housing originally acquired these two properties, primarily through the use of tax credits in 2002, and is realigning its Colorado portfolio to better meet the company’s investment goals, Hunt says. The $7.4-million sale to the California-based private individual included more than $5.16 million for the Pine Meadows property and nearly $2.4 million for the Village Gardens.

Constructed in 1974, Pine Meadows is in Greeley and is near major employment centers as well as Island Grove Park. The Village Gardens was constructed in 1962 and is located in Aurora. It borders the Fitzsimons Redevelopment, which includes the future home of the University of Colorado Hospital and Children’s Hospital, which will employ more than 35,000 workers.

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