Edwards: No rush on Lake Creek deal, commissioner says | VailDaily.com

Edwards: No rush on Lake Creek deal, commissioner says

Chris Outcalt
Edwards, CO Colorado

EDWARDS, Colorado – The county commissioners are not in a hurry to finalize a deal with Morningstar Mountain Properties to sell the Lake Creek Village apartments in Edwards, Colorado, Commissioner Jon Stavney said.

“If the current deal can be consummated then we would be happy to follow through with the deal as it was structured,” Stavney said. “We’re not going to continue to negotiate the price down, we’re not in any way desperate to make this happen.”

The county signed a nonbinding letter of intent to exclusively negotiate the sale of the affordable-apartment complex for $45 million with Morningstar in April. The letter included a 45-day diligence period for the company to decide whether it can get funding and purchase the property.

That deadline has passed, which means the county is no longer required to negotiate exclusively with Morningstar, officials said. The county is still deciding whether to extend that diligence period, said Housing Director Alex Potente. The county’s other options are to take the property off the market or move on to a new buyer, he said.

“(Lake Creek) is a healthy project that’s doing well financially,” Stavney said. “It’s a little down, like other places are in terms of occupancy, but nothing unexpected or dire.”

County officials signed a similar agreement last year with Corum Real Estate Group. The Denver-based company offered $53 million for the apartments, but the deal fell through, and the county decided to solicit new bids.

“We’re patient and if this works out with the current offer, great. If it doesn’t, we’ll regroup and we may hang onto it for a while.”

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

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