The Blair Place Apartments have been sold, according to an email sent to the 294-unit complex’s residents Thursday.
“After 26 years we have to say goodbye,” the Blair Place website read Friday. “It has been an honor being part of the housing solutions of the valley that we love so much, but it is time for us to turn over the reins of Blair Place Apartments to someone else.”
The Oliver family has owned the Blair Place Apartments and Todd Oliver confirmed in an email to the Jackson Hole Daily on Friday that the units had been sold.
Oliver did not say who the apartment complex had been sold to and, in response to emailed questions, he told the Daily he wanted some time to think over his answers.
“I am sure that many of you have questions but be assured that your current leases are in full effect and will remain so with the new owners,” the Thursday email to Blair Place residents read.
Asked via email to confirm that Friday, Oliver said he did not want to speak for the new owners.
Teton County Clerk’s records showed that Blair Place, LLC, deeded the property Tuesday to at least two entities: Bridge-Jackson, LLC, and Bridge-Blair Place, LP.
Mortgage and other documents were also recorded in the past week, but the full versions of each of the documents have not yet been made public.
Incorporation documents for both the limited liability company and the limited partnership, however, tie those companies to Bridge Partners, a self-described “opportunistic real estate private equity investment firm headquartered near San Francisco, California” that was founded in 1990 and “specializes in the acquisition, rehabilitation, and management of multifamily and hospitality properties nationwide.”
Steven Klein signed incorporation documents for Bridge-Jackson, LLC, and Bridge-Blair Place, LP, which were filed with the Wyoming Secretary of State on Aug. 20. Leslie Ahlvin was listed as the contact on both documents.
Klein is the CEO of Bridge Partners and Ahlvin is Bridge Partner’s administrative coordinator. The principal office address for both companies is the same Walnut Creek, California, address as the mailing address for Bridge Partners’ corporate headquarters.
Bridge’s portfolio includes a mix of market rate and affordable housing, according to its website. The site says the company owns 78 “value add” units in Alpine, 182 units listed as “affordable” in Fort Collins, Colorado, and 161 market rate units in Bozeman, Montana.
The Blair Place Apartments are not listed on its website, and the Daily contacted Julie Gutzwiller, listed as the contact for affordable and senior housing acquisitions on Bridge’s website, Friday to confirm the sale.
Gutzwiller said she would have to check with another person in the office, and did not get back to the Daily by press time.
Christine Walker, a former Jackson/Teton County Housing Authority director and board member at housing advocacy group Shelter JH, said Friday that the Blair Place complex has provided a “significant inventory of housing rental stock for our working households.”
The complex, which is just north of the Cottonwood neighborhood and near the Jackson Hole Middle School, has housed hundreds of Jacksonites over the years as one of the largest apartment complexes in the valley.
Of its apartments, about a third are one-bedroom units and the rest are two-bedroom units, according to data from the Jackson/Teton County Housing Department.
In July, Oliver told the Jackson Hole News&Guide that rent for the one-bedroom units started at $2,050 a month, and that two-bedroom units were going for $2,600. A new website for the apartments sent to residents Friday — LiveAtBlairPlace.com — listed the same prices for one- and two-bedroom units.
Asked for her first thoughts about the sale Friday, Walker said she “would be worried that the buyer probably paid an incredible amount of money” for Blair Place and would be looking to convert the apartments into condominiums and sell them.
“We would lose some of our rental housing stock,” Walker said, “which we have little supply of.”
— Mark Huffman contributed to this report.