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FLAGSTAFF, AZ-Aspen Timberline LLC has sold the 168-unit Timberline Village for $21.6 million to a local partnership. The seller acquired the complex in 2006 for $17 million.

According to Robert Solliday, the Aspen Group’s project manager for Timberline Village, his company is generally not a long-term holder, preferring properties with prospects of high yields in a fairly short amount of time. “We saw the run-up in the apartment market and decided now’s the time for sale,” he says about 4255 E. Soliere Ave. “This is a pretty great profit in a two-year time.”

Solliday tells GlobeSt.com the property never went to market. Instead, Aspen informed Bert Kempfert, a senior vice president at CB Richard Ellis, who had represented the previous seller of the property, of its interest in selling. Kempfert put the principals of Scottsdale, AZ-based Aspen Group in touch with local investor, Judy Bassham.

Solliday says Bassham was in the process of selling another multifamily property and needed a place to put the proceeds for a 1031 exchange. “We thought this was the perfect buyer,” he says. “She was an established apartment owner. She had the capital at hand and appeared able to close within what we thought was an appropriate time frame. Everything came together at what we felt was a good price. We didn’t feel the need to explore the market.”

Located just south of Interstate 40, the 11.4-acre complex was developed in 1997. It is a mix of one-, two-, and three-bedroom apartments from 756 sf to 1,307 sf. Rents range from $875 to $1,250 per month.

Solliday reports the complex was 95% to 98% leased in the months leading up to the sale. He says tenancy tends to drop slightly during the summer months and then pick up again in August.

“This has been a profitable investment for Aspen and our investors,” Aspen Group founder and CEO Donald L. Meyers says. “While the market has been tough, we are faring well.”

Aspen Timberline II LLC, a related entity, maintains ownership of an adjacent community, Timberline Place, which was purchased at the same time as Timberline Village. Timberline Place includes 204 condominiums along with a fitness center, indoor basketball court, yoga studio, heated swimming pool and spa and community clubhouse. It features one, two and three-bedroom units ranging from 725 sf to 1,275 sf and prices upward of $150,000. More than one third of the units have been sold.

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