Avon company buys River Run apartments
Vail, CO Colorado
AVON, Colorado ” An Avon-based company announced Tuesday it had bought the 117-unit River Run condominium complex at Dowd Junction.
Vail Capital Partners V, LLC, bought the property from 117 River Group LP.
“River Run is a wonderful rental property located in a beautiful setting,” said VCP Chairman Gary Miller, who lives with his family in Vail. “We have been working closely with the previous owner to ensure the ownership transition is as seamless as possible for our renters. We are currently planning a number of improvements to maintain the sense of community that River Run is known for.”
The new owners have notified tenants that River Run will remain available for rent for at least the next 18 to 24 months and potentially longer. Improvements, which will begin this spring, include exterior and interior restoration, and resurfacing the parking lot.
River Run tenants have faced the redevelopment of the property before. In both 2006 and 2007, tenants were told they would have to move that year.
Miller said Vail Capital Partners will investigate various plans for the property over the next several months.
But, Miller said, whatever plan the company decides on will include for-sale units. Miller added redevelopment would also include at least some “green building” practices.
“We think it is important to build housing for our doctors, nurses, firefighters and teachers,” Miller said. “We believe the heart of the community is defined by these professionals, and this property is located in the heart of the Vail Valley. It will be an exciting process.”
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