Children sell their father's Denver apartment portfolio

The four children of Kal Zeff, who assembled a portfolio of more than 7,500 apartment units in 22 Denver properties, are selling them off more than six years after his death,

the

Wall Street Journal

reported.

The Carmel Cos. portfolio is under contract to be sold to about a dozen different buyers for more than $900 million, the

Journal

article said.

[Kal Zeff’s son] Ron Zeff manages the family’s Denver portfolio through Carmel Partners, a separate real-estate company he founded that invests in other apartment buildings nationwide. There was no debate among the four siblings about whether or not to sell, [Carmel Cos. spokesman Gil] Rudawsky said.

Kal Zeff started Carmel Cos. in 1965 with a $5,000 loan, the

Journal

article said. (Source:

Wall Street Journal,

Oct. 12, 2011.)