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— Multifamily Properties Quarterly — October 2015
Y
ou might be surprised at the
variety of answers you would
receive if you asked a group
of seasoned apartment own-
ers what was their favorite
vintage of apartment buildings to
own. It would be similar to the range
of answers you might receive if you
asked wine connoisseurs what kind
of wine they would choose if they
could only drink one for the rest of
their lives.
We set out to ask this very ques-
tion: What is your favorite apart-
ment building decade? Following,
some of Denver’s own multifam-
ily investment gurus discuss their
favorite type of vintage apartment
community As expected, there is a
plethora of compelling viewpoints.
Josh Mullins, director of acquisi-
tions at the quickly growing Laramar
Associates, prefers properties built
in the 1960s. These buildings offer
efficient floorplans because, while
small, they feel larger and can com-
mand premium rents, Mullins said.
One of the other advantages of pur-
suing 1960s properties is that own-
ers don’t encounter as much alumi-
num wiring, he said.
Bobby Hutchinson of Redpeak
Properties, which has a large col-
lection of vintage apartment build-
ings in central Denver, likes how
residents perceive living in an older,
smaller property and the intimate
community these buildings provide.
His favorite decade of vintage build-
ings is from the 1950s. These build-
ings have better electrical systems,
bigger units and unique masonry
construction, he said.
Cornerstone
Apartment Services
manages more
vintage apartment
buildings in central
Denver than any
other company. The
firm groups vintage
properties into five
classifications to
make managing
similar properties
easier – steam heat
buildings; 1940s
and 1950s inte-
rior hallways; pre-
stressed concrete
buildings; 1960s
and 1970s interior
hallways; and out-
side walkups.
Jim Lorenzen,
president and
founder, enjoys the
additional details
that went into
some of the older
buildings found
in Denver, such as
the intricate win-
dow treatments,
gargoyles, unique masonry work
and additional windows. He named
the Avon Apartments near East 13th
Avenue and Detroit Street as his
favorite vintage apartment building
in Denver. He appreciates the classic
architecture and quintessential two-
and three-bedroom layouts that fea-
ture a formal dining room, he said.
There was one thing all these
experts, and most renters, agree
could be improved about the vintage
apartment supply in Denver – park-
ing. Nearly every vintage building
could use more parking, they said.
Other items to consider with vin-
tage properties include lead paint,
asbestos and antiquated electrical
systems.
Vintage apartment buildings are
an investment class all their own,
and it takes a seasoned expert to
know which are solid and which
are lemons. Most brokerage teams
have decades of experience working
with the best and brightest minds in
the apartment industry. Multifamily
investment brokers are skilled prob-
lem-solvers with access to a wealth
of resources and best practices.
Teaming up with knowledgeable
advisers can open an entirely new
investment avenue – and maybe a
bottle of wine or two.
s
TomWanberg
Senior vice
president,
Transwestern,
Denver
John Blackshire
Associate broker,
Transwestern,
Denver
Final Thoughts
The Avon Apartments were designed in the Tudor style by F.W. Ireland Jr. and E.W. Parr
and built by the Gruber Brothers in 1931.
