- Constructed in 2004, The Aspen is an eight (8) story, 250,090 square foot elevatored mixed-use building. The building contains 232 residential units and 4 retail units.
- Residential rents at the time of the sale were operating at approximately $26 per square foot and offered investors a unique opportunity for rental upside for both near and long term.
- Project was constructed with various subsidies resulting in income with different brackets of affordability:
▪ 20% of the building was rented to tenants making no more than 60% of AMI
▪ 30% of the units at 250% of AMI
▪ 50% of the were stabilized at market
- A transforming neighborhood required unique asset positioning in order to substantiate future rent increases to potential bidders.
- Buyer required city agency approval in order to transact limiting the buyer pool.