Colorado Real Estate Journal - April 5, 2017
Michael Stein, founding partner of Pensam Residential, made waves at the Colorado Real Estate Journal’s spring 2017 Multifamily Development & Investment Conference March 16 with the announcement of The Breakers’ new identity and approximately $30 million in renovations to the property. The apartment community, located off East Mississippi Avenue in Denver, on a nearly 190-acre site, spans 1,523 units among six villages, and includes a privately owned lake and a 26,000-square-foot recreation center. It has been rebranded as Tava Waters. Under the new ownership of Pensam Residential – with continued involvement of Koelbel and Co., which will stay on as a minority owner – The Breakers is undergoing a large three-phased value-add strategy to enhance the property. The first phase is the rebranding to Tava Waters, complete with a new logo and website.
“The rebranding of The Breakers to Tava Waters is the first step in taking the original vision of the community and bringing it into the future – modernizing while staying true to our roots,” said Stein. “Our focus is on appealing to the next generation of residents – those looking for a community that offers a convenient, holistic lifestyle rooted in Denver adventure.” “Named by the Ute Indians, ‘Tava’ was the original name of Pikes Peak and means sun. We saw great value in connecting the community with this important piece of Denver’s history and respect of the landscape in one short, visually impactful word,” Mackenzie Craven, director of creative services at G5, an Oregon-based agency leading the brand refresh for Pensam Residential, said in a release. “The original resort will always be ingrained in the community, so it was important the new brand pays homage to and plays up the uniqueness of lakeside living, which is where ‘Waters’ came in.” Renovation work to the community includes interior upgrades to bring the outdoors in as well as amenity upgrades that include activating the lake area with additional waterfront activities and reconfiguring existing amenities to the active, outdoor lifestyle. “This is a threshold moment in the evolution of The Breakers, and I think the name Tava Waters both represents the rich history of the community and serves as a catalyst for its future,” said Koelbel and Co. President Walter A. “Buz” Koelbel Jr. Interior work at Tava Waters already has commenced, with plans for 25 to 35 apartments to be upgraded each month over the next 18 months. Upgrades include new finishes such as stainless steel appliances, quartz countertops and faux hardwood floors; Nest thermostats; Kevo Bluetooth door locks; Google Home devices; and water-saving faucets, toilets and shower heads. Pensam Residential also will install eight electric-car charging stations as well as begin exterior renovations, such as LED lighting, exterior building repairs and repainting the entire community. Large-scale amenity upgrades will start with interior renovations to the Boundary Bay Clubhouse as well as the transformation of the Friday’s Harbour Clubhouse into a new operations center, according to the firm. The final phase will center on the overhaul of the main Catamaran Clubhouse, inclusive of a state-of-the-art fitness center, expanded, modern pool area and new restaurant space. “The Breakers was a visionary concept when it was founded nearly 30 years ago,” said Stein. “Today, with the unveiling of the new Tava Waters name, logo and website, we’re launching a vision for the next 30 years.”