LLX Central Development purchased the 110-unit Amber Ridge Apartments at 2963 E. Bijou St. late last month.
The Denver company paid $3.13 million for the property, built in 1995. It was originally constructed as the second phase of the 90-unit Cottonwood Park complex.
The Amber Ridge complex was a stable 95-percent leased complex at the time of sale. The one- and three-bedroom units demand a lower rent, starting at $400 a month.
“It was built to be a simple, affordable property,” said Doug Carter, the broker with Sperry Van Ness who negotiated the deal for the seller. “It’s not a typical 1990s product.”
He said the complex was designed as the second phase of a 1980s apartment project. It’s also set back from the street with low visibility and limited marketing opportunity.
Amber Ridge was separated from the original building that became Cottonwood. Central Development purchased Cottonwood out of foreclosure about a year ago, Carter said. And this purchase of Amber Ridge reunites the complex.