Fox St. Station TOD

4228 Kalamath St. Denver, CO 80211

Buyer: 4228 Kalamath, LLC


Recently, a new client approached us to sell several properties that had come to them as part of an estate. With the listing of the first property, it became immediately apparent that there were a few compounding issues:

The property is located in a district that is currently under consideration for an overlay rezone but isn’t yet established.

The property is one of three properties owned by the Seller which is being sold as either an assemblage opportunity or individually, with different valuation strategies applied to each.
The properties are all part of an estate with multiple decision makers who haven’t agreed on sale terms.


We knew with all of the issues surrounding this property, the best bet was to go in armed with lots of information.

Through our large network, we were able to meet with the local area councilperson, as well as decision makers at the City of Denver and other neighboring residents, to better understand what type of overlay density would be supported by everyone involved.

We started the sales process with the entire assemblage listed as one package. The sales process demonstrated to us that carving the assemblage into three different opportunities would lead to the best result. This allowed us to attract different Buyer profiles and better diversify the type of equity underwriting the deal.

The property was strategically re-priced in order to expedite the sales process knowing that an early closing on it would allow us to restructure the Seller’s estate so we could negotiate for better terms on the other two properties they still possess.


Through hard work and vigilance, we were able to identify a Buyer who was educated in the area’s new pending rezone and was willing to close on the property prior to the rezone occurring.

By carving the parcels into three individual sales opportunities, we were able to eliminate any equity profile conflicts since each property is likely to attract different debt/equity structures.

Although a re-pricing of the property occurred, we determined our new price by creating a development proforma of our own that addressed developer spreads, lender DSCR multiples, and negotiated open book with Buyers to determine a fair residual land value for development.

Over the years we spoke to brokers from every real estate company in town, including Mike. When it came time to sell, we interviewed everyone we had spoken to over the years and after a short meeting with Mike, we knew he truly wanted what was best for us and would be the perfect person to entrust our family’s estate with. So far we have closed one of our three properties and feel that in Mike’s hands we will be successful in selling the rest with our best interests in mind.

Nanette Martinez

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