From the ARA web site:
ARA Assist in Neighborhood Stabilization Deal
Atlanta, GA (MultifamilyBiz.com) 8/30/2010
Denver Team Reps Araphahoe/Douglas Mental Health Network in Sale of 16-Units
Littleton, CO (August 30, 2010) — 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 5368-5388 South Fox Street in Littleton, CO. The Buyer, Arapahoe Douglas Mental Health Network (ADMHN), Arapahoe/Douglas Mental Health Network (ADMHN), a private, non-profit provider of comprehensive mental health treatment services for children, adolescents, and families in the south metro Denver area, purchased the property for $625,001, representing a price per unit of $39,063 and a price per square foot of $52.08. ARA Denver-based, Justin Hunt, represented the Buyer at the Arapahoe County Public Trustee auction.
Fox Street Apartments was funded via the State of Colorado's Neighborhood Stabilization Program (NSP1) grant allocation. Created through the 2008 Housing and Economic Recovery Act (HERA), the Neighborhood Stabilization Program (NSP) was established for the purpose of mitigating the negative effects of foreclosures in neighborhoods identified as areas of greatest need.
Through the Department of Local Affairs, Division of Housing, these funds allowed for the acquisition and future rehabilitation of the of the 16-unit property. Once rehabbed, this community will provide affordable housing to residents at or below 50% of the Area Median Income (AMI), including clients of Arapahoe/Douglas Mental Health Network
Fox Street Apartments is centrally located in Littleton, Colorado. Constructed in 1962, the property features 16 spacious units, consisting of one- and two-bedroom floor plans in an exterior walk-up style, solid brick building. The community provides residents with access to ample parks, including Progress Park, which is just two blocks away. In addition, downtown Littleton is less than one mile from the property providing access to shopping, dining, and the Light Rail.
"Fox Street Apartments is one of many NSP transactions ARA has handled over the last year. This transaction was interesting in that the prior ownership had defaulted on a sale walking away from their equity at the advice of their legal representation. This presented the Buyer with an opportunity to purchase this property at a public trustee auction for less than their prior contract price." said Justin Hunt
Atlanta-headquartered Apartment Realty Advisors (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, distressed, affordable, seniors, student, manufactured housing, note sales 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 average annual production volume of $6.3 billion in real estate transactions since 2003. For detailed information on ARA's extensive multihousing investment services, visit www.arausa.com.