Offerd and Cross Mountain Capital: Living High in Colorado

Posted by

Greg Cooper J.D.


April 20, 2022

Even among multifamily investment professionals, a property like Edgewood Apartments in Westminster, CO, might not be on anyone’s radar. But our Acquisitions-as-a-Service practice is designed to find assets just like these. And it’s why Offerd, in partnership with Cross Mountain Capital, just closed on the acquisition of this hidden gem.

For the record, Edgewood isn’t hidden away in a secret enclave. Westminster is a leafy suburb between Denver and Boulder, and the millennial workforce is right in the heart of the U.S. 36 Tech Corridor. There’s new development throughout the city—transit-oriented, high-density and mixed-use. Westminster still maintains more than 30% of its land for open space, parks and recreation, while neighboring Denver is often ranked among the best places to live, and recently made it to #1 in Ziprecruiter’s Job Market Size Score. Edgewood Apartments, meanwhile, is a 112-unit, Class C workforce housing multifamily property with undeniable potential.

However, a traditional sourcing campaign is unlikely to have turned up this prospect—it was off-market, in the process of undergoing a renovation, and had not been marketed to investors nationwide. But Offerd isn’t traditional: The company’s search process and rich database of nearly 100,000 multifamily properties around the country is designed to discover and highlight locations like these with singular appeal.

Offerd identified the opportunity by connecting with the owner directly, shared it with Cross Mountain Capital, the vertically integrated real estate manager and developer focused on high-growth and tertiary markets in New England and the Mountain West. We stayed involved through much of the transaction—throughout the acquisition and even the post-acquisition process, negotiating the deal, navigating the due diligence requirements, securing debt and equity financing, financial modeling, business plan development and more.

This wasn’t Offerd’s first time around with CMC. Back in June 2021, the two companies acquired and renovated Ingalls Grove (recently rebranded as Sloan’s Lake West) apartment complex in Denver. That project is now performing better than expected (or better than ‘proforma’); it has eclipsed the expected yield and the business plan is being executed over a year ahead of schedule.

The path forward for the Edgewood complex features a property reposition, professional management, limited short-term rentals, and expense reduction through efficiencies of scale and green energy initiatives to significantly increase Net Operating Income. That will be accompanied by refinancing, building on Offerd’s strong relationships with lenders, equity providers and a network of other principals looking to acquire stabilized assets like this.

Again, this acquisition represents the second deal between Offerd and CMC—which will help manage the repositioning—and there are plans for more. As with many such projects, closing the deal is just the beginning. The work ahead will require focus, dedication and skill. Having the right partner makes a huge difference.


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