Title: Erik Cavarra Proudly Announces Closing on Shadowrock Property near Aspen
Summary: Managing Broker at Alpine Property, Erik Cavarra has facilitated the acquisition of the Shadowrock Development with a Denver based development group who recently closed on the Shadowrock Development in El Jebel, Colorado, near Aspen.
Quote: In all, Cavarra and the Denver development group, Shadowrock Development LLC, are very confident about the future of the area and of the Shadowrock Townhome Development.
Basalt – El Jebel, Colorado –
Managing Broker at Alpine Property, Erik Cavarra proudly announces that he has helped to facilitate a Denver-based development groups acquisition of the Shadowrock Townhome Development from First Citizens Bank. Located in El Jebel, Colorado, near Basalt and Aspen, the Shadowrock Development is a project left unfinished by previous development groups for several years, Cavarra and the Denver entity hope to complete the Eagle County planned unit development (PUD), which was originally built in 2007. Located across Highway 82 from the City Market in El Jebel, Eagle County approved 100 luxury townhouses on the Shadowrock site.
The previous two development groups who worked on the Shadowrock Development left the townhome project unfinished. Only 30 units were constructed in the original phase. In 2010, an Edwards, Colorado developer, El Jebel Townhomes Borrower LLC, Dave Forenza, purchased the Shadowrock project in March of 2010 for $16.5 million, along with seven completed units for an additional $5.5 million, from the initial developer, Blue Ridge Investments Inc. Not long after, the project went back into foreclosure and ultimately fell under the control of First Citizens Bank.
Initial sales prices in 2008 peaked over $ 1.1 million, but recent sales during the last year average in the mid $550k range.
Cavarra believes the previous developers encountered difficulties selling with the economic downturn and other financial struggles, and could not make enough sales to offset their costs to continue selling and building future units. However, Cavarra remains positive about the project’s potential, and says, “This time it will be different. With the recent acquisition price far less than what the other developers had for entry, it will enable breathing room for the project to begin building immediately at a pace that exceeds market expectations.”
Moving forward, the goal of the Shadowrock Development is to offer future homeowners a high quality property at a very reasonable price. Cavarra believes that the Townhomes will stand out in the community and real estate market due to their comfortable price, location in a flourishing part of the Roaring Fork Valley, and what will be their uniquely designed interiors and finish level.
The Shadowrock Development’s easy access to the RFTA Bus route and Highway 82, proximity to Willits, an economically flourishing area with shops, restaurants, cafés, and the grocery stores of City Market and Whole Foods, is another enormous attraction for prospective homeowners, according to Cavarra.
In all, Cavarra and the Denver development group are very confident about the future of the area and of the Shadowrock Townhome Development.
Having yet to bring any inventory to market, they are already currently under contract to sell all five of the units that were completed in 2010 as part of a bulk sale transaction.
Cavarra has also received other inquiries from several other interested parties, and anticipates being able to move forward immediately with new construction of additional phases. The project is planned for an additional 70 three and four bedroom units. With 17 foundations already in place, Cavarra believes construction will begin in January on those 17 units.
Shadowrock’s development journey is detailed below:
- 2007: Construction began for the 100 unit development by Blue Ridge Investments Inc.
- Fall 2008: After selling 23 of the 30 townhomes that had been constructed, Blue Ridge Investments Inc. lost their financing.
- March 2010: The project was purchased by El Jebel Townhomes Borrower LLC, Dave Forenza, for $16.5 million.
- July 2013: Forenza lost the project to foreclosure.
- October 2013: Shadowrock Development LLC purchased the 5 existing units and development of 70 units for around $3 million.
Contact Erik Cavarra, Managing Broker at Alpine Property, for more information about the Shadowrock Development by phone at 970.923.5860 or ecavarra@alpineproperty.com.
About Alpine Property Management
Alpine Property Management is a management company and real estate brokerage firm based in Aspen and Snowmass Village, Colorado. With seventy years of cumulative property management experience, their mission is to provide an exceptional overall experience, and efficient, detailed service for both those renting a property and for owners who are renting out their properties. Alpine Property Management brings their passion for excellence and their attention to detail in providing outstanding service to guests staying in rental properties ranging from private rental homes, condominiums, and townhouses in Aspen and Snowmass Village.
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