Adding to its portfolio of high quality residential rental properties in the greater Denver metropolitan area, Granite Capital Group has acquired Belle Creek Commons, a 167-unit complex of townhomes and apartments in Henderson, Colorado. Belle Creek Commons consists of ten buildings, which were constructed in 2017 and 2018, and is part of the master-planned-community of Belle Creek. The purchase price for the complex, where all units feature 9′ ceiling heights and full size in-unit washer/dryers, was $34.17 million. More details... [ Read More ]

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The Apartment Association of Metro Denver honored the President of Granite Management Group, Jason McIntosh, at their annual dinner in 2018, selecting him as a finalist in their Most Outstanding Executive of the Year competition. The selection came as no surprise to McIntosh’s colleagues, who value the insight and operational experience that he brings to bear every day, having spent more than two decades working in the industry. You can read more about the award here.

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With the October 2018 closing of the sale of the Rise, Edge and Vue apartment buildings in Denver’s Cherry Creek neighborhood, for a total price of $56.35 million, investors in the two funds that owned the properties locked in an annual rate or return at least 30%. This is a testament to the success of the project, which included significant rehabilitation work aimed at increasing property valuations and rental income. More details on the sale are available here.

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As was recently reported in the Denver Business Journal, a new report out from Zillow ranks Denver as the nation’s 7th hottest housing market in 2018. According to Zillow senior economist Aaron Terrazas, “The tech industry continues to roar, attracting thousands of new residents per year to tech-dominant markets like Seattle, Denver and the Bay Area.” Indeed, recent reports from both United Van Lines and U-Haul place Colorado near the top of the list of states receiving new residents. As... [ Read More ]

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A recent article on the Wall Street Journal’s Moneybeat blog cited several factors that are contributing to an increasingly bullish outlook for oil prices. Having gained 22% in the past 12 months, U.S. crude oil futures are set to benefit from demand growth that could well exceed supply increases. Given the geopolitical risks looming in important oil-producing nations like Iran, Iraq, Libya and Venezuela, “global oil supply disruptions could materially increase in 2018” according to a Citigroup analysis.

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A recent Wall Street Journal article examined the increased participation of large investment firms in the single family home rental market. Starting with the 2008 financial crisis, when mounting foreclosures presented an attractive investment opportunity for many institutional investors, large firms have moved aggressively to acquire single family homes in cities throughout the nation. With deep pockets, institutional investors are well positioned to renovate the homes they acquire before putting them on the rental market. As the article notes, “The... [ Read More ]

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Fort Collins, CO—Granite Capital Group (GCG), a Santa Barbara, Calif. real estate investment firm with multiple Colorado real estate holdings, has purchased the 105-unit Brooklyn Park Rowhouses, a townhome/apartment complex in Fort Collins, Colorado. The sales price was $27.8 million. The transaction closed June 23. Located at 2758 Iowa Drive, the property consists of 12, Class A buildings that were built in 2007 and 2008. It is situated on 4.4 manicured acres and features a mix of 2 and 3... [ Read More ]

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Currently under development in Erie, Colorado, Enclave Vista Ridge is a great example of the investment opportunities that Granite Capital Group sponsors. A commuter community for both Denver and Boulder, Erie offers a high quality of life and lower cost than either of those cities and, for that reason, has been drawing many new residents in recent years. Adding new, high quality units to the constrained housing supply in the area, Enclave Vista Ridge will be uniquely attractive to prospective... [ Read More ]

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When oil prices cratered in 2014, much of the blame was attributed to the dramatic increase in US energy production that was made possible by fracking and other technologies. The situation was exacerbated, everyone agreed, by Saudi Arabia’s decisions to increase their own production at the same time. Traditionally, Saudi production costs have been among the lowest in the world, so it was reasonable for them to assume they could weather the downturn better than their competitors. It is clear... [ Read More ]

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The Washington Post recently examined the climate for first time home buyers and found that even more barriers exist to ownership than are commonly considered. Principally, the article looked at the lack of homes for sale and how that impacts those trying to enter the market. “The houses go so quickly” laments Teree Warren, a 31 year-old who is trying to buy a home in the Dallas area. Adding to delayed household formation, staggering student debt and slow wage growth,... [ Read More ]

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