All Forum Posts by: Klaus Holzapfel

Investment Info:

Townhouse other investment.

Nexus-Village is an 11 townhome development. Strictly speaking these homes are condos since they are built on a condo plat. But by all other standards these are 2400 sqft 3-story townhomes.

These homes are electrified, powered by the sun and incorporate the latest heating and cooling technology.
5 Mitsubishi Mini Splits and a CERV system by Equinox work to provide a very comfortable living space.

What made you interested in investing in this type of deal?

The area is bound for a major makeover. We are close to the Westminster B-Line station. Once the train runs to Boulder and beyond this will be truly prime real estate. The county and the nearby city of Westminster both have a clear vision for higher population density in this area.

How did you find this deal and how did you negotiate it?

I live 3 houses over then this property became available for sale in 2016.

How did you finance this deal?

I self financed it until I had to take on some loans due to delays and cost overruns (ever heard of such a thing???).

How did you add value to the deal?

I lead every stage of the development from the rezoning of the property, handling all the communication with architects and engineers. I handled the planning departments. I took care of our contractors, material acquisition, etc.
I have been here every day since development started.

What was the outcome?

Mixed. The market currently not supporting our initially projected sales prices. I had to greatly lower my expectations. The homes are turning out quite nicely though.

Lessons learned? Challenges?

I fell for a builder that stopped educating himself 20 years ago.
I did not have anyone that guided me through the "false summit" process with the building department.
I was not getting enough 2nd or 3rd opinions at a time when I was still too new to all of this.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

No

I'm looking for a developer/builder for our 11 townhome development in North Denver.

You can learn about the homes at nexus-village.com.

I'm willing to sell the entire develoment at a competitive price. I can also stay involved for an orderly transition.

3 homes will have COs within a week. 2 homes are close. 3 more homes are a few weeks from framing inspections. 3 more homes still need to be started. These are 2400 sqft townhomes built on a condo plat. My perfect buyer has building experience and can step right in.

Please DM or call/text me at 310 383 7433 if you are interested in a full due diligence information package.

I'm building 11 townhomes in North Denver and plan to sell them as condos.
These buildings will have shared community gardening and parking.
I'd like to find an attorney that can help with setting up the HOA & bylaws.

The units are all set up as separate entities (separate solar systems, etc...).
Yet, there is actually quite a bit to think about in terms of maintenance & other hoa rules.

How is the watering of the shared gardening space being handled?
How much builders risk do I have to assume?
Does an external management make sense for such a small HOA?
How do you best position the HOA as a benefit to the future condo owners to get the best sale price?

I'd appreciate any recommendations and insight from the community.