Case Study | Encore Highpointe Park
$40.8 MM Multi-Family Development – Denver, Co
| Asset | Class A suburban development, 3-4-story, walk-up, and tuck-undergarages |
| Acreage / Units | 2.9 acres, 220 units |
| Square Footage | Total: 209,093, average unit size: 950 |
| Land Acquisition / Disposition | December 2011 /December 2013 |
| Total Capitalization | $26.01 mm, $8.5 mm invested equity |
| Financing / LTV | Conventional / 67% |
| Total Exit Value | $40.75 mm, $12.77 mm equity proceeds |
- Land contracted for in April, 2010 prior to construction boom and run-up in land values; $9,000/unit vs. $22,000/unit in 2016
- Construction costs in 2012/2013 were well below current costs due to early stage of recovery from 2008-2010 recession; built to $100/SF vs. $167/SF in 2016
- High drive-by visibility just off I-25 drove qualified traffic
- First new units in North Denver suburb made Encore the only new product in the sub-market
Financial Highlights
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Encore Enterprises, Inc.
5005 LBJ Freeway
Suite 1200
Dallas, TX 75009
5005 LBJ Freeway
Suite 1200
Dallas, TX 75009
