Aspen’s largest apartment complex trades hands in Colorado

Marcus & Millichap arranged the $50.5 million sale

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Centennial Aspen Apartments
Marcus & Millichap announced the sale of Centennial Aspen Apartments, a 149-unit, three-story multifamily property in Aspen, Colorado.

Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Centennial Aspen Apartments, a 149-unit, three-story multifamily property in Aspen, Colorado. The property sold for $50.5 million, or $338,926 per unit.

“Centennial Aspen is the city of Aspen’s largest multifamily property and one of the largest in the Roaring Fork Valley,” said Greg Price, senior vice president investments in Marcus & Millichap’s Denver office. “Built in 1986, the property was designed by world-renowned architect Moshe Safdie, and well maintained by the seller.” Price and Jason Hornik, senior associate, represented the local seller, and procured the buyer, Birge & Held.

The 11-building property is located at the base of Smuggler Mountain within a 15-minute walk of Downtown Aspen. Aspen Mountain ski lift is less than a mile away. Aspen/Pitkin County Airport is about a half mile from the property and Snowmass Ski Resort is under 10 miles away. Community amenities include storage, laundry facilities, a playground, and assigned parking.