Edwards’ Lake Creek price tag now $45 million | VailDaily.com

Edwards’ Lake Creek price tag now $45 million

Chris Outcalt
Eagle County, CO Colorado

EAGLE COUNTY, Colorado ” The Lake Creek Village apartment complex has a new buyer and price.

A few weeks ago, the county solicited new offers for the 270-unit Edwards apartment complex. Half a dozen bids were submitted and the $45 million offer from Morningstar Mountain Properties was the highest.

The next step in the sale process is for the county commissioners to approve a letter of intent to negotiate the sale of the property exclusively with Morningstar. The letter, which is nonbinding, has already been drafted and the commissioners will review it Tuesday.

Morningstar is partnering with Polar Star Properties on the deal. The Edwards-based Polar Star manages some local properties including the Buffalo Ridge and Eaglebend apartment complexes.

The county signed a similar agreement last year with Corum Real Estate Group, the Denver-based company that manages the property. The price was originally $53 million, but as the recession hit, the price dropped and county officials decided to get new bids.

Even though the offers were lower, it still makes sense to sell the property, officials said. The commissioners have talked about re-investing the money from the sale of the property into other affordable housing opportunities and those projects and properties are priced lower now, too, officials said.

Part of the agreement will ensure the apartment complex will remain affordable rentals.

Staff Writer Chris Outcalt can be reached at 970-748-2931 or coutcalt@vaildaily.com.

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