logo redirect pin user minus plus fax mobile-phone office-phone data envelope globe outlook retail close line-arrow-down solid-triangle-down facebook globe2 google hamburger line-arrow-left solid-triangle-left linkedin wechat play-btn line-arrow-right arrow-right solid-triangle-right search twitter line-arrow-up solid-triangle-up calendar globe-americas globe-apac globe-emea external-link music picture paper pictures play gallery download rss-feed vcard account-loading collection external-link2 internal-link share-link icon-close2
United States
  • Global
  • United States
  • Angola
  • Argentina
  • Australia
  • Austria
  • Bahrain
  • Baltics
  • Belgium
  • Brazil
  • Bulgaria
  • Cambodia
  • Canada
  • Chile
  • Colombia
  • Czech Republic
  • Denmark
  • Egypt
  • Finland
  • France
  • Germany
  • Greece
  • Hong Kong
  • Hungary
  • India
  • Indonesia
  • Ireland
  • Israel
  • Italy
  • Japan
  • Jordan
  • Kazakhstan
  • Kenya
  • Korea
  • Kuwait
  • Latin America
  • Luxembourg
  • Mainland China
  • Malaysia
  • Mexico
  • Morocco
  • Netherlands
  • New Zealand
  • Norway
  • Oman
  • Pakistan
  • Panama
  • Peru
  • Philippines
  • Poland
  • Portugal
  • Romania
  • Russia
  • Saudi Arabia
  • Singapore
  • Slovakia
  • South Eastern Europe
  • Spain
  • Sweden
  • Switzerland
  • Taiwan
  • Thailand
  • Turkey
  • Ukraine
  • United Arab Emirates
  • United Kingdom
  • Venezuela
  • Vietnam
Log In
  • Global Intranet
  • myCBRE
  • Services
    • Business Segments

      Advisory Services

      Global Workplace Solutions

      Real Estate Investments

      • Advisory & Transaction Services
      • Capital Markets
      • Project Management
      • Property Management
      • Valuation & Advisory Services
      • Advisory & Transaction Services | Occupier
      • Client Strategy and Consulting
      • Facilities Management
      • Project Management
      • Development Services (Trammell Crow Company)
      • Flexible Space Solutions (Hana)
      • Investment Management (CBRE Global Investors)
    • Services for Investors
      • Appraisal Management
      • Debt and Loan Valuation
      • Federal Government Leases
      • Leasing & Advisory
      • Litigation Support
      • Net Lease Properties
      • Small Balance Lending
      • Corporate Capital Markets
      • Debt & Structured Finance
      • Going Concern Valuation
      • Investment Accounting & Reporting Solutions
      • Loan Portfolio Sales
      • Property Management
      • Telecom Advisory
      • Construction Risk Management
      • Energy & Sustainability
      • Host
      • Investment Banking
      • Loan Servicing
      • Property Sales
      • Valuations for Financial & Tax Reporting
    • Services for Occupiers
      • Business Transition & Move Management
      • Energy & Sustainability
      • Host
      • Location Analytics
      • Portfolio Services
      • Space Enablement
      • Client Strategy and Consulting
      • Expense Management Solutions
      • Labor Analytics
      • Location Incentives
      • Project Management
      • Workplace
      • Corporate Capital Markets
      • Facilities Management
      • Leasing & Advisory
      • Network Advisory
      • Real Estate Accounting
    • Asset Types & Specialties
      • Office
      • Aerospace and Defense
      • Data Centers
      • Golf & Resorts
      • Multifamily
      • Parking
      • Industrial & Logistics
      • Affordable Housing
      • Hotels
      • Land
      • Nonprofit
      • Self-Storage
      • Retail
      • Aviation Properties
      • Gaming
      • Manufactured Housing
      • Omnichannel
      • Senior Housing
    • Industry Sectors
      • Industrial & Logistics
      • Energy, Oil & Gas
      • Law Firms
      • Technology, Media & Telecom
      • Retail
      • Financial Services
      • Life Sciences
      • Data Centers
      • Healthcare
      • Student Housing & Education
  • Properties
  • Research & Insight
    • Latest National Research & Reports
      The Way Forward
      Weekly Insights
      Reopening the World's Workplaces
      COVID Resource Center
  • People & Offices
  • About CBRE
    • Careers
      Case Studies
      Corporate Information
      Corporate Responsibility
      Executive Leadership - Global
      Investor Relations
      Media Center
      Suppliers

Next

Press Release
CBRE Hires Charlie Knudsen and Julie Cook to Focus on Credit Tenant Lease Financing
  • About CBRE
  • Media Center
  • CBRE Completes $12.4 Million Sale of Willits Seven Income-Restricted Apartment Community in Basalt, CO

CBRE Completes $12.4 Million Sale of Willits Seven Income-Restricted Apartment Community in Basalt, CO

Denver, CO | June 21, 2018
  • Email
  • Share
  • Tweet
  • Share

Sale Spotlights Opportunities to Invest Outside Colorado’s Front Range

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.

Willits Seven Apartments in Basalt
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

Press Releases

Sara Johnston headshot
Sara Johnston
Corporate Communications, Mountain-Northwest Division
+1 303 2641912
+1 660 3499498
+1 303 6281751
  • Corporate Information
  • Corporate Responsibility
  • Case Studies
  • Media Center
  • About Us
  • Careers
  • People and Offices
  • Global Leadership
  • Investor Relations
  • Contact Us
  • Global Web Privacy and Cookie Policy
  • Sitemap
  • Terms of Use
  • United States Privacy Policy
  • Our Response to SCHREMS II
  • Twitter
  • Facebook
  • LinkedIn