CBRE announced today that it recently completed the $12.4 million sale of the Willits Seven Apartments located at 979 East Valley Road in Basalt, Colorado, about 20 miles northwest of Aspen. The recently completed 50-unit development offers income-restricted housing for residents living and working in the Roaring Fork Valley. Dan Woodward, David Potarf, Matthew Barnett and Jake Young with CBRE represented the seller, Platform Investments of Fairway, Kansas. The buyer, Virtu Investments LLC of Carlsbad, California, purchased the property in a sale that closed May 30, 2018.
“In Colorado we have multifamily investment properties located all throughout the state, not just along the Front Range. Developments like Willits Seven, which combine targeted affordability with high-quality design and walkability, are good candidates for stable occupancy, making the property an excellent long-term investment,” said Matthew Barnett, Senior Vice President with CBRE Capital Markets in Denver.
Completed in 2017, Willits Seven offers a mix of primarily one and two-bedroom units with an average size of 660 square feet. The apartments are located within Willits Town Center, a new 360,000-square-foot mixed-use development that serves as the main commercial hub for the Roaring Fork Valley. The location offers public transit, office, hotel, healthcare, grocery, dining and shopping all within walking distance of the apartments. The property was 99 percent occupied at the time of sale.
Willits Seven is part of the Town of Basalt’s community housing program, meaning the rents are initially set by the town, and income from the rentals is capped to a three percent annual growth rate.
“People associate ski resort towns with extremely high housing costs while failing to recognize the underlying demand from the workforce for affordable housing. Areas like Aspen/Basalt benefit from smart development like Willits Seven that meets the needs of the community,” added Mr. Barnett.
Located just off State Highway 82, Willits Seven is a 30-minute drive from Aspen, Glenwood Springs and Snowmass.