CRESTED BUTTE, CO - Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, recently brokered the sale of a 44-unit apartment building located in Crested Butte, Colorado. ARA Colorado’s Justin Hunt, Terrance Hunt , Shane Ozment and Andy Hellman represented the seller, a private Texas-based bank, in the transaction.
A private Denver-based group purchased Marcellina for $1,575,000, representing a price per unit of $35,795, or $58.81 per square foot.
Justin Hunt explained, "This property was one of the few remaining bank-owned apartments in Colorado and was purchased well below replacement cost. The buyer intends to reposition the property and take advantage of a recovering Crested Butte market, while the seller plans to retain an adjacent parcel and hold it until the market has recovered to the point of new development returning to Crested Butte.”
Constructed in 1999, Marcellina Apartments is one of the only apartment communities located in Crested Butte, Colorado. The property is less than one half mile from Crested Butte Mountain resort which provides over 1,100 acres of skiing during the winter months and numerous recreational activities in the summer. Additionally, the property is located just minutes from numerous shopping, dining, and limitless recreational opportunities.
Crested Butte is less than 30 miles north of Gunnison, Colorado and the epicenter of extreme and backcountry skiing in the Colorado Rockies. Encircled around Mount Crested Butte are the towns of Mt. Crested Butte, Crested Butte, and Crested Butte South. Popular winter activities include alpine skiing, snowboarding, snowmobiling, cross-country skiing, and snowshoeing. In the summer months Crested Butte attracts recreationalists with unparalleled mountain biking, hiking, horseback riding, and camping.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally, please contact Lisa Robinson at lrobinson@arausa.com or 404-990-4900, or Amy Morris at amorris@arausa.com or 404-990-4902; locally, Justin Hunt at jhunt@arausa.com, Terrance Hunt at hunt@arausa.com, Shane Ozment at ozment@arausa.com or Andy Hellman at hellman@arausa.com, or 303-260-4400.
About ARA
Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multihousing land. ARA is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in an annual production volume of more than $10.2 billion in real estate transactions in 2013. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com.