DEAL OF THE DAY: ARA Negotiates $940,500 Short Sale

Wheat Ridge, Colo.–ARA brokered the sale of  the Elliot Apartments in Wheat Ridge, Colo. The buyer, Jefferson County Housing Authority, purchased the property from Kendall Investment Co. for $940,500.

This represents a price per unit of $44,786 and a price per square foot of $72.82. The Jefferson County Housing Authority plans to make extensive capital improvements to the property.

“This was a particularly successful sale as ARA was able to negotiate a reduced payoff with the lender and underlying investor. This allowed for the seller to get out from an overleveraged asset. The entire short sale process was completed in 70 days,” says Justin Hunt, who represented the seller in this transaction.

The Elliot Apartments is a 21-unit community comprising of seven triplex buildings spread over contiguous lots. Constructed in 1951, these solid brick buildings feature all one-bedroom units located between West 38th Avenue and West 44th Avenue.

This location allows for an easy walk to the Town Center Park and local bus lines and provides quick access to both I-70 and I-76. The property also enjoys close proximity to local shopping, restaurants, Berkeley Lake, and Willis Case Golf Course.

The property was 91 percent occupied with average rents of $477 at the time of sale.