Getting your player ready...
At a time when brokers are pointing to metro Denver for its low residential vacancy rates and promising commercial real estate scene, plenty of small investors could be looking at the potential without seeing any realistic way of getting into the action, because single properties usually involve very large investments.
That’s exactly the type of investor veteran developer Darell Schmidt is looking to talk to about mixed commercial-residential ventures spearheaded by his company, Greenwood Village-based Allanté Properties. The local scene shows substantial opportunity right now, Schmidt says, but the smaller investor tends to be shut out in competing with larger investors. Meanwhile, Allanté pools smaller investors in positions for its ventures – including a project now underway near Highlands Square and its popular restaurant row. Highland Place, a mixed-use project with upscale apartments and main floor retail at W. 38th Avenue and Julian Street, is centered in an area boasting rising rents and declining vacancy rates – and has a large parking component, something that existing housing and commercial there lacks. Schmidt, who 20 years ago built large subdivisions in Stonegate, Highlands Ranch and Ken Caryl under his Falcon Homes brand, now focuses on boutique-sized projects in urban redevelopment zones – including one Allanté did next to the Fitzsimons campus this year, a makeover of a 99-unit apartment, with major lending provided by Steele Street Bank and Trust. Schmidt says returns on such projects can be high, compared to other investments including Wall Street stocks that are accessible to smaller investors. “It’s difficult for them to find developers that will allow direct investments,” he says. Schmidt, who has already capitalized most of the new Highland Place project, is seeking additional investment positions and is inviting additional inquiries now with investments starting at $100,000.“Touring Highlands, you can’t help but notice the resurgence that’s been ongoing for 15 years,” Schmidt added. Highlands’ trendy restaurants and boutiques reach for new-urbanites seeking conveniences as well as excitement. “This demand is not a fad but a movement; it creates an excellent real estate investment strategy”, Schmidt said. Schmidt is accepting final subscription requests from investors for Highland Place. He can be reached at 303-359-1210 or email Darell@AllanteProperties.com. WHERE: Highland Place, 68 Class-A apartments over 11,000-s.f. restaurant/retail pad, by Allanté Properties, with parking, 6 blocks from Highlands Square at W. 32nd & Lowell; some investor positions left. Construction site 3380 W. 38th Ave. Denver; from Highlands Square head east 1 blk to Julian St., north 7 blocks to W. 38th. PRICE: Investor positions $100,000; retail $32-$35 triple-net