Willits Seven, a 50-unit affordable community in Basalt, Colo., has changed hands. CBRE secured the sale on behalf of the seller, Platform Investments. Dan Woodward, David Potarf, Matthew Barnett and Jake Young represented the seller. Carlsbad, Calif.-based Virtu Investments acquired the asset for $12.4 million. The Romero Group manages the property.
Located at 979 E. Valley Road, within Willits Town Center, a new 360,000-square-foot mixed-use development serving as the main commercial hub for Roaring Fork Valley, the property is approximately 20 miles northwest of Aspen. Whole Foods, RFTA bus stops and The Element Hotel are within walking distance.
Completed in 2017, the three-story pet-friendly community offers one-, two- and three-bedroom units averaging 660 square feet. All units include refrigerators, microwaves and washer/dryers. Willits Seven was 99 percent occupied at the time of the sale. Common-area amenities include a dog park, covered parking and on-site storage.
“People associate ski resort towns with extremely high housing costs while failing to recognize the underlying demand from the workforce for affordable housing,” Matthew Barnett, senior vice president with CBRE Capital Markets in Denver, said in a statement. “Areas like Aspen/Basalt benefit from smart development like Willits Seven that meets the needs of the community.”
Image via Google Street View
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