Birge & Held Expands Colorado Footprint

Centennial Aspen Apartments. Image courtesy of Marcus & Millichap

Birge & Held has entered the Aspen, Colo., market by acquiring the largest multifamily community in the city for $50.5 million. Marcus & Millichap’s Greg Price and Jason Hornik represented the local seller, who was undisclosed, while also procuring the buyer.

The community known as Centennial Aspen Apartments is at the base of Smuggler Mountain at 100 Luke Short Court. The multifamily property offers 149 units in studio, one-, two- and three-bedroom floorplans throughout its 11 three-story buildings. The property’s amenities include storage, laundry facilities, a playground and assigned parking spaces. The property is 100 percent leased.

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Located in a ski resort town, Centennial Aspen is less than a mile away from the Aspen Mountain ski lifts, roughly 15 minutes away from downtown Aspen and 10 miles away from the Snowmass Ski Resort. The property is also half a mile away from the Aspen/Pitkin County Airport.

Price, senior vice president of investments in Marcus & Millichap’s Denver office, said in prepared remarks that the property was designed by the popular Israeli-Canadian architect Moshe Safdie and was built in 1986. Price added in his prepared statement that the well-maintained Centennial Aspen is the largest multifamily property in Aspen and one of the largest in the surrounding Roaring Fork Valley area.

“(The property) received significant interest and numerous offers,” Price told Multi-Housing News. “There were three buyer groups that made the final round and the process became very competitive between the three to win the deal.”

While Centennial Aspen is Birge & Held’s first acquisition in the Aspen market, the private equity and property management firm also has two Denver multifamily properties in its portfolio. Birge & Held’s portfolio includes more than 40 properties across seven states.