Updated over 1 year ago on . Most recent reply
90 lot park in Littleton CO Needs financing
There is a 90 lot park in Littleton Colorado that needs financing. We are hoping you can help.
Seller is closing Mid June unless the newly formed Co Op can find financing to buy the property themselves.
We hope you can help or point in a good direction.
Senior park. 55 and over. In Littleton Colorado 80120. ~90 lots. ~100% occupancy. Selling for $20MM. We are pursuing grants / subsidy including from Littleton City Council and others, along with financing to purchase the property by the residences via the Co-Op.
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#3 1031 Exchanges Contributor
- Investor
- Las Vegas, NV
Are the residents aware of what their payment will be? I get $1,460 per lot at $220k each (20M /90 lots). BEFORE taxes and insurance, probably common utilities and maybe an employee or two? (7% @ 30 years). They could be looking at $1800+/mo if they all live to 90+ y/o 30 make 30 years of payments.
If they’re already paying $1,500+ it could be a great deal. If they’re paying $800/mo it could be a shocker or even unaffordable.