Woodspear Properties continues to acquire apartment, industrial and land development properties across the Western United States. We target a variety of investment opportunities from stabilized, market-rate deals to creative, value-add opportunities. With more than 40 years of experience in the commercial real estate business, we use a disciplined investment approach to target properties which will provide long-term cash flow and capital appreciation. We diversify our portfolio by investing in several different markets, across a variety of different property types, and using varying levels of debt financing. We treat each property as its own single asset and unique investment. We structure the terms of each investment to best fit that particular property and all stakeholders.
- Fort Collins
- Colorado Springs
- Kent / Tukwila
- North San Diego County
- Phoenix MSA
Sleek Lofts is a well located, Class-A property that received substantial interior renovations in 2008. The owner at the time put the property up for sale in 2012, but received little interest because it demanded that a new buyer assume the existing debt, which had two years remaining until maturity. At the time, the apartment market was in the early recovery stages and most market participants determined that the seller’s demand carried too much future interest rate risk.
Woodspear Properties was able to secure investment partners who were interested in owning the asset free and clear of debt in order to maximize consistent, long-term cash flows. The deal was successfully structured so that the existing debt was assumed and would be repaid at maturity through capital, and rents would be increased through a combination of exterior capital improvements and improved property management. The result is that revenues increased by 23% within the first twenty-four months of Woodspear Properties’ ownership, and the property is now owned free and clear of debt. This successful investment structure provides investment partners with sizeable, stable returns.
Off Broadway Flats
Off Broadway Flats was widely marketed for sale in 2013 and received a substantial amount of interest. The property was well located and highly visible along a major thoroughfare; however, it was in a state of physical decline after years of “hands-off” ownership.
Woodspear Properties procured long-term debt financing and executed a $1,550,000 renovation ($17,000 per unit) as part of a value-add strategy. The renovation plan included rebranding, upgrading exterior paint, exterior signage, landscaping, exterior doors, installing a key fob system for building security, pool upgrades, hallway improvements, new cabinets, new appliances, new flooring, and completely remodeled bathrooms. Within the first twenty-four months of ownership and implementation of this value-add strategy, revenues increased by 65%. The investment is now providing sizeable, long-term cash flow to our investment partners.
Prairie Trail Business Park
Prairie Trail Business Park was acquired by Woodspear Properties in 2015 after being widely marketed for sale. At the time of acquisition, Prairie Trail Business Park was 100% occupied and provided a buyer with a stable, well-maintained industrial asset with a variety of tenants. It was known during marketing of the building that some tenants would not renew their leases in the near term.
Woodspear Properties was attracted to Prairie Trail Business Park because of the strengthening Denver industrial market and the ability to acquire a stabilized asset at a substantial discount to replacement cost. The investment has provided Woodspear Properties and investment partners with immediate cash flow and long-term upside with continued rent increases for existing tenants and the ability to lease the space coming available in the near term at a significant increase over the rent paid by the prior tenants.