Community

Seasons at Cherry Creek

Team Leader

Our co-consultant, Steve Hegge who lives in Denver has been the team leader in this project and has been working with the developer onsite fielding the new issues as they come up.

Location

Cherry Creek, Denver CO

Size

439 apartments converted to 433 for sale condos

Client:

Red Peak Properties

Assignment

Under a very short due-diligence timeline, develop a financial model that allowed the developer to measure IRR based on a variety of different assumptions including velocity of sales, sales prices, towers developed (there are 2 apartment towers and one pad site for another tower)

History

The developer had these properties under contract for a condo-conversion.  While the price was very aggressive for an apartment sale, it was in the ballpark of making money for his equity partners as a condo-conversion.

Results

Still a work in progress

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