Cherry Hills Village sold a parcel of city-owned land last month, receiving nearly $400,000 more than its asking price.
The 2.28-acre undeveloped lot at 90 Meade Lane, which is zoned for residential use, sold to AFI Investments LLC for $4.03 million.
The city put the property on the market on May 26 with an asking price of $3.65 million and quickly received multiple offers, all at or above asking price. The council reviewed the offer from AFI shortly after, on June 6, before voting to approve it June 20. The deal closed Aug. 14.
City documents state money from the sale will “be treated as surplus in the budget.”
Allen Anderson signed the purchase agreement on behalf of AFI Investments. A lawyer representing the entity did not respond to requests for comment.
Paul Workman, director of community development for Cherry Hills, told BusinessDen Wednesday that the city hasn’t received any development applications for the site.
Cherry Hills purchased 90 Meade Lane in 2004 for $1.91 million, when it was preparing to expand nearby municipal buildings. But the lot remained relatively unchanged during that effort.
Linda Behr with LIV Sotheby’s Behr Team represented the buyer in the deal. Compass’ Helm Weaver Helm’s team represented Cherry Hills Village.