#639: Two Brothels, One Block, and the Fight to Rebuild Denver’s Ballpark District
Oct 27, 2026
Show notes
He bought an 1893 former brothel in the Denver Ballpark District two weeks before the 2008 financial crash. The bank pulled his construction loan. He spent nine months finding another one. Then he gutted 25 pay by the hour rooms. He turned them into two lofts and a rooftop. From there he watched the neighborhood swing from Rocktober boom to zombie apocalypse to recovery.
In this episode, Matt Van Sistine walks Chris Lopez and Christy Burakovsky through two decades of hyperlocal development on Larimer Street.
Matt moved to Denver from Nashville in 2005. He bought 2127 Larimer in September 2008. Since then he has planted or saved more than 100 trees. He co founded Ballpark Collective. He programmed 15 community events in a single summer. He also lost a two block Irish Fest planned for 25,000 people when the parade canceled two days out in March 2020. In 2023 he decided to double down instead of selling. In 2024 the Denver Ballpark District finally passed its General Improvement District.
Now he is redeveloping 2100 Larimer across the street. The building is the 1890s Western Hotel and saloon. The previous owners paid 2.9 million for it in 2019. Landmark review told them they could only add one story instead of two. Their pro forma fell apart. Then a decorative cornice fell off the building. Matt is turning it into a 15 room boutique hotel. Plans call for a bar restaurant, a rooftop with city views, and a speakeasy in the dug out basement.
In This Episode We Cover:
Why buying property two weeks before a financial crash is survivable if you can wait out the bank
The three structural problems that kept the Denver Ballpark District on Skid Row for decades, and which one is finally solved
How a dead tree notice turned into a three block, 100 plus tree restoration program
Why the first attempt at a Business Improvement District failed with the small business owners in the room
The pop up park that won a community engagement award and seeded the Acoma Street project the city just broke ground on
What landmark review actually did to the Western Hotel deal, and how Matt is redesigning every page of the plans
Why he said no to Tahiti and doubled down on a 130 year old building instead
And so much more
Whether you own property downtown already or you have been watching the Denver Ballpark District from the sidelines, this episode is a ground level look at how one investor is rebuilding a neighborhood block by block.
Watch the YouTube Video
https://youtu.be/Kya4HvwWJwY
Timestamps
00:00 Introduction
02:30 Why Matt moved to Denver in 2005
04:50 Buying an 1893 brothel 2 weeks before the 2008 crash
08:30 How Larimer Street became Skid Row
12:10 Three problems holding the Denver Ballpark District back
16:57 The dead tree that started it all
18:50 Forming Ballpark Collective
25:46 The pop up park and 15 community events
32:40 Canceling Irish Fest 2 days before COVID
36:04 800 tents and the zombie apocalypse
38:12 Tahiti or stay, going all in
40:46 Buying the Western Hotel at 2100 Larimer
44:27 How landmark review killed the last deal
49:55 Boutique hotel, speakeasy, and rooftop plans
#638: 2008 Transaction Volume Returns to Denver [Sep Market Update]
Oct 24, 2026
Show notes
Denver’s transaction volume just hit 2008 levels while prices barely budged. The September 2026 Denver real estate market tells a strange story. For investors paying attention, it’s creating specific openings most people are missing.
Host Chris Lopez sits down with Troy Howell of Nova Home Loans and Brandon Scholten of Keyrenter Denver. Together they unpack what the September 2026 Denver real estate market numbers actually mean. Troy brings years of lending experience across investor and owner-occupant clients. Brandon runs one of Denver’s go-to property management shops. They cover residential, commercial, lending, and ground-level sentiment from real buyers and sellers.
The crew gets into why DSCR loans are now pricing better than conventional 30-year fixed (yes, really). They break down the “Great Standoff” keeping buyers and sellers frozen. They also explain why the K-shaped recovery means high-end homes move fast while B and C class condos sit. Plus, they dig into whether banks are quietly hiding distressed commercial loans from regulators. You’ll also hear about the Eagle Trace Golf Course losing its water rights and a $500 million gondola proposal for downtown Denver.
In This Episode We Cover:
Why the September 2026 Denver real estate market stays stubbornly flat while transaction volume craters
How DSCR loans now beat conventional pricing by 3/8 to 1/2 point
The real story behind condos hitting a clear buyer’s market
Why 2-1 buydowns didn’t save anyone (and what happened instead)
How K-shaped recovery is splitting the Denver buyer pool
What the commercial debt wall could mean for early 2027 opportunities
The fourth quarter is historically the best buying window of the year, and this one has more moving parts than usual. Whether you’re a house hacker eyeing your first property or a seasoned investor repositioning your portfolio, this episode gives you the data and context to make smarter moves heading into 2027.
Watch the Youtube Video
https://youtu.be/EjqOs4C2zn8?si=FdLjaNb7247LusEN
Timestamps
00:00 – Welcome & Panel Introductions 00:29 – Rates in the 7s & Q4 Headwinds 02:25– Denver Median Price Flat at $635K 05:19– The Great Standoff Between Buyers & Sellers 07:10 – Are Banks Hiding Distressed Loans from Regulators? 09:38 – Denver Hits 2008 Transaction Volume Levels 10:36 – 4.5 Months of Inventory Explained 14:06 – The 2-1 Buydown Reality Check 18:12– Builders Buying Rates Down to 4.875% 21:50 – K-Shaped Recovery in Denver Housing 24:00 – Condos Hit 7.1 Months Inventory 25:06 – HOA Management Horror Stories 29:22– Vail Condo Developer Lawsuit 33:15 – Eagle Trace Golf Course Loses Water Rights 36:08 – DSCR Loans Beat Conventional Pricing 40:29– Downtown Denver Gondola Proposal 42:51 – Closing Thoughts & Q4 Opportunities
Keyrenter Property Management Denver provides rental solutions for homeowners and real estate investors in the metro area who are interested in transforming their properties into passive income. It offers various services, from property marketing and thorough applicant screening to tenant placement and 24/7 maintenance services. Keyrenter Denver’s team of experts can take the clients’ burden of managing their rental off their hands so they can get back to what matters to them.
Who is Nova Home Loans?
For over 40 years, we’ve been focused on helping homeowners find the perfect loan to fit their financial needs and personal goals. Working with NOVA is a personalized experience from initial application to final loan closing and beyond. We will be with you every step of the way toward successful homeownership. Start working with NOVA & Troy Howell today!
NOVA FINANCIAL & INVESTMENT CORPORATION, DBA NOVA HOME LOANS NMLS 3087/ EQUAL HOUSING OPPORTUNITY/8055 EAST TUFTS AVENUE, SUITE 101/DENVER, CO
#637: The 3 Day Rule That Fixes a Stuck Denver Rental in 2026
Oct 13, 2026
Show notes
A Capitol Hill studio apartment just rented for under $700 in 2026. That’s roughly 2015 pricing in a neighborhood where the same unit went for $1,100 three years ago. Welcome to the Denver rental market in 2026.
Chris Lopez sits down with Brandon Scholten and Shawn Riley from Keyrenter Denver to unpack what the data actually says. Occupancy rebounded from a 16-year low of 92.9% at the end of 2025 to 94.4% by Q2 2026. Absorption finally beat new deliveries. But effective rents are closer to 15% off once you count the $169 average monthly concession, and 1960s and 70s condos are taking the biggest hit.
Then they walk through three real Keyrenter properties. One sat 23 days before the owner dropped $200. One took 33 days of steady adjustments. One leased in 13 days because the owner priced it right from day one.
If your rental has been sitting without tours, the market’s already giving you feedback. Shawn Riley at Keyrenter Denver will help you read it. He’ll pull comps, audit your current listing, and lay out where to price and when to adjust, with no strings attached.
In This Episode We Cover
What 34,000 vacant apartments did to concessions and effective rents
The 3 day rule Keyrenter uses to decide when to drop asking rent
Why holding out for your target rent costs more than taking the lower number
Which property vintages and bedroom counts are protected from the apartment flood
How to spot a tenant who will stay 4 years instead of 12 months
Why small multifamily might be the real buying opportunity this winter
Keyrenter Denver is offering a free personalized rental strategy. Shawn will pull comps, audit your listing, and build you a vacancy management plan.
Watch the YouTube Video
https://youtu.be/5Ufhtbu1_44?si=Ev-5piq2dFY0YNs0
Timestamps
00:00 Chris sets up today’s Denver rental market
01:15 Occupancy swings from 94.6 to 92.9 to 94.4
03:59 34,000 vacant apartments and the $169 concession wave
11:12 Why 1960s and 70s condos are getting hit hardest
15:57 Uptown studios back to effective $600s
17:20 The real math on holding out for your target rent
20:07 Case study 1 Raleigh Street and the 23 day correction
24:20 Case study 2 Quincy 1/1 that took 33 days
27:50 Case study 3 Fraser Court Aurora leased in 13 days
32:35 Why 5.1 weeks is the new vacancy reality
38:00 Which upgrades actually move rent
42:27 Small multifamily opening up as a buying opportunity
49:58 How Keyrenter is renting 80% of properties in 30 days
Keyrenter Property Management Denver provides rental solutions for homeowners and real estate investors in the metro area who are interested in transforming their properties into passive income. It offers various services, from property marketing and thorough applicant screening to tenant placement and 24/7 maintenance services. Keyrenter Denver’s team of experts can take the clients’ burden of managing their rental off their hands so they can get back to what matters to them.
#636: From $30K Aurora Condo Flip to $3M Denver Luxury Spec Builds
Oct 06, 2026
Show notes
Fix and flip margins in Denver got cut in half, and some investors are rethinking the whole model. One recent condo project targeted $300K in profit. Instead, it delivered closer to $130K. Another one got sold off to a different developer, who then took a loss on the resale. So this week’s guest walked away from flips entirely. Today, he’s a Denver luxury home builder putting up ground-up spec homes in three of the city’s most desirable neighborhoods. All-in costs land around $2.5M. Sale prices run between $2.8M and $3.2M. The reason this works right now has less to do with building better houses. Instead, it comes down to who’s actually transacting at today’s interest rates.
In this episode, Chris Lopez sits down with the team behind Modern Traditions Denver, a Denver luxury home builder running a 4-partner development business. Together, they target 3 to 5 luxury spec homes per year. The arc started with a $30K condo flip in Aurora 8 years ago. Furthermore, the team built the whole thing part time, while the guest held a full-time career and raised a family. The structural choices behind that story are worth paying attention to.
The conversation covers why this Denver luxury home builder zeroed in on Bonnie Brae, Observatory Park, and South Park Hill. Next, it breaks down how they underwrite deals using an 80% LTC construction loan from a local credit union at 8.5%. Then it explains why building anything above $4M quickly becomes harder water to swim through. Finally, the team gets honest about the lessons they had to pay tuition for. For example, a busy-street mistake cost them their target margin on a $2.8M sale. In another case, a neighbor parked their car in the alley and blocked a cement truck mid-pour.
If you’ve been watching the Denver fix and flip space tighten up and wondering what’s next, this one gives you a grounded look at how a Denver luxury home builder actually makes the math work right now.
Watch the YouTube Video
Timestamps
00:00 Intro and welcome to the team behind Modern Traditions Denver
01:38 California to Denver, starting with fix and flips in Aurora
03:18 Meeting GC Todd and the pivot into new builds
05:22 Why 2022 pushed them out of condos
06:44 Clay Street condo math, $300K target vs $130K reality
08:52 Why $2M to $4M buyers still transact at today’s rates
09:44 The 4-partner team and 3 target neighborhoods
10:58 Deal math, 80% LTC credit union loan at 8.5%
17:12 Full build breakdown, $500K partner equity per project
18:56 3 to 5 builds per year, 18 to 24 month window
20:29 The busy-street lesson and neighbor horror stories
24:00 How 4 partners communicate without standing meetings
26:33 Why putting the GC on equity changed everything
29:35 Five-year vision, sticking with spec over custom
#635:Pivoting Into Real Estate, Chris Lopez on Careers, Deals, and When to Sell
Sep 29, 2026
Show notes
Pivoting into real estate is harder in 2026 than it was a decade ago, but the opportunity is still there for anyone willing to be honest about their skills and their market.
In this episode, host Chris Lopez sits down with Tripp Gordon, who recently walked away from nearly a decade in software and venture-backed tech. Tripp owns two long-term rentals and is now trying to build a real estate career that pays the bills today while funding a longer-term portfolio. He came in with sharp questions, and Chris answered them from the seat of someone who has already lived through the same pivot.
Chris walks through the four things that need to line up before starting any new venture: market conditions, your actual skill set, your genuine desire, and your available capital. Skip any one of them and the odds get worse. He explains why liquidity separated the investors who kept going from the ones who got washed out, why Denver is in a slower phase while other metros run, and where that gap creates opportunity for patient buyers. Chris also shares a friend’s west-side six-unit flip that returned roughly 3x in nine months, makes the case that multifamily is bottoming, and pushes back on the “never sell, never pay taxes” mindset that leaves so much wealth creation on the table.
In this episode we cover:
Why pivoting into real estate needs market, skill, desire, and capital working together
How to tell burnout from the normal grind of building something
What actually happened to multifamily syndications and why the setup looks different now
A friend’s west-side Denver six-unit flip that returned roughly 3x in nine months
Whether the real estate agent path is still worth pursuing in 2026
Day jobs inside real estate that give you a knowledge edge, from fund accounting to asset management
Why “never sell, never pay taxes” deserves a harder look
Chris’s mother-in-law suite conversion and house hacking at every life stage
Watch the Youtube Video
https://youtu.be/hVSkN62ObKk
Timestamps
01:30 – Meet Tripp Gordon, pivoting from tech into real estate
05:09 – Chris’s four-part framework for any pivot
09:25 – How to tell “I hate this” from “this is just the hard part”
13:10 – Who survived the end of the easy era
18:44 – Multifamily distress and where opportunity is now
26:30 – Is the real estate agent path still worth it?
32:01– Day jobs that give you a real estate knowledge edge
#634: 19% of Denver Listings Are Selling at a Loss — Here’s Why
Sep 22, 2026
Show notes
The August 2026 Denver real estate market is telling two very different stories at once. Nearly 12% of every home listed for sale in Colorado is now priced below what the owner originally paid. In Denver County, that number climbs to 19%. As a result, buyers, sellers, and investors are rethinking how they approach the rest of the year.
Chris Lopez sits down with Troy Howell of Nova Home Loans and Brandon Scholten of Keyrenter Denver to break down the August DMAR numbers. Closings across all residential dropped 17% year over year. Meanwhile, attached sales fell 23.5% while detached held closer to flat. Prices tell a K-shaped story. On one side, detached average is up 1.7%. On the other, attached slid 4.3%. In addition, inventory is moving in opposite directions depending on property type.
Next, Brandon walks through the softening rental picture. Robinwood Section 8 rents fell from roughly $2,800 down to $1,900 after housing authorities tightened reasonableness adjustments. He also flags a real uptick in small multifamily buyer inquiries. For example, an Uptown studio is renting for $685 with a free month, effectively 2016 pricing. On the lending side, Troy shares that he has closed more second mortgages this year than in the prior five combined. Most are 20-year fixed products in the 7s. As a result, clients can keep their COVID-era first at 3% and still tap equity.
Finally, the conversation closes on a duplex Jeff White just helped a first-time house hacker close. The purchase price came in at $660,000 with an FHA loan, down payment assistance, and an $11,500 seller credit. All-in cash came in under $10,000. On top of that, the property appraised $5,000 over.
In This Episode We Cover:
Why detached and attached are behaving like two different markets
The Section 8 rent reset hitting Class C condo investors hardest
How second mortgages are letting COVID-rate owners tap equity without a refi
Why buyer sentiment is soft even as opportunities open up
The $10K all-in duplex deal that closed in August
Why almost nobody is submitting lowball offers despite 40+ day market times
Whether you own attached inventory, are hunting for your next deal, or want a clear read on where the Denver real estate market is headed into fall, this episode gives you the data and the on-the-ground perspective to move forward.
Watch the Youtube Video
https://youtu.be/NsyHr5zqT04
Timestamps
00:00 Intro and panelist welcome 01:27 August DMAR stats, closings down 17% year over year 03:57 Detached vs attached, the K-shaped split 05:25 Buyer sentiment and who’s still pulling the trigger 08:34 Small multifamily activity picking up 14:20 Condo Inventory Builds 17:32 Robinwood Section 8 rents drop from $2,800 to $1,900 25:04 Uptown studios renting at 2016 prices 28:13 11.8% of Colorado listings underwater, 19% in Denver County 30:04 Second mortgage surge, Troy’s biggest year for HELOC seconds 36:56 Why nobody’s putting in lowball offers 38:52 Jeff’s $660K duplex closed for $10K all-in
Keyrenter Property Management Denver provides rental solutions for homeowners and real estate investors in the metro area who are interested in transforming their properties into passive income. It offers various services, from property marketing and thorough applicant screening to tenant placement and 24/7 maintenance services. Keyrenter Denver’s team of experts can take the clients’ burden of managing their rental off their hands so they can get back to what matters to them.
Who is Nova Home Loans?
For over 40 years, we’ve been focused on helping homeowners find the perfect loan to fit their financial needs and personal goals. Working with NOVA is a personalized experience from initial application to final loan closing and beyond. We will be with you every step of the way toward successful homeownership. Start working with NOVA & Troy Howell today!
NOVA FINANCIAL & INVESTMENT CORPORATION, DBA NOVA HOME LOANS NMLS 3087/ EQUAL HOUSING OPPORTUNITY/8055 EAST TUFTS AVENUE, SUITE 101/DENVER, CO
#633: Realberry’s CFO on the Next Opportunity in Commercial Real Estate
Sep 15, 2026
Show notes
Derek Evans managed a $6 billion REIT lending portfolio at Wells Fargo and structured a $3.5 billion bridge loan before joining Realberry as CFO. Now he’s helping guide the Realberry investment strategy through a move from $300 million to over $1 billion in annual deals.
Chris Lopez sits down with Derek in studio to unpack how one of Colorado’s most established real estate firms actually decides what to build, what to buy, and what to walk away from. Derek spent 22 years at Wells Fargo before Chad McWhinney recruited him during COVID. His job now is to institutionalize the firm behind Union Station, Dairy Block, and Centerra without losing what made it work in the first place.
The Realberry investment strategy is built on conservative leverage and a layered capital stack. Each investor tier fits a different kind of deal, and the firm is opening up a new digital channel to reach accredited investors for the first time. Derek walks through how those pieces fit together.
From there, the conversation turns to the investment committee that decides what moves forward. Eight members, one meeting a week, and a voting rule that has ended more Denver metro deals than most investors would guess. Water rights, business climate, and market fundamentals across Colorado, Austin, and Phoenix all shape what gets a green light.
Derek closes with where he sees capital moving next: luxury hospitality driven by K-shaped wealth trends, mixed-use in Loveland and Baseline, the firm’s first 55+ for-rent community, and a downtown Denver thesis that still hinges on getting employees back in office seats.
In This Episode We Cover:
Why Realberry targets 60 to 65% leverage and puts in 5 to 10% GP capital
How ultra-high net worth, family office, and institutional capital each fit different deals
The two no vote rule that kills any deal at investment committee
Why the firm is actively bidding on multifamily in Colorado, Austin, and Phoenix
What Derek looks for in luxury hospitality and 55+ for-rent product
Why water rights have killed multiple Denver metro deals in the last five years
The Realberry investment strategy behind downtown Denver, office-to-resi, and hotel conversions
This episode wraps our three-part Realberry series. If you missed the earlier conversations with Chad McWhinney and Taylor Hazlett, go back and start there for the full picture of how the firm thinks about capital, deals, and Colorado.
Watch the Youtube Video
https://youtu.be/DvQ4uDlSv5Y
Timestamps
00:00 Welcome and guest introduction
01:41 Managing a $6 billion REIT lending portfolio at Wells Fargo
04:49 Unsecured vs secured real estate lending (at a larger level*)
06:17 Why Derek left Wells Fargo for Realberry during COVID
08:06 Growing Realberry from $300M to $1B in annual deals
11:55 The Realberry capital stack and conservative leverage
14:45 Ultra-high net worth, family office, and accredited investor tiers
15:55 Institutional capital and the control rights tradeoff
22:19 Inside the Realberry investment committee
37:30 How two no votes kill any deal
28:47 Why Realberry is bidding on multifamily right now
31:54 Colorado, Austin, Phoenix, and Nashville fundamentals
32:25 Legislation, affordability, and Colorado’s business climate
37:11 Placing capital in Colorado
40:47 Water rights and the deals Realberry has killed
44:12 Luxury hospitality and the K-shaped wealth trend
45:29 Downtown Denver and office-to-resi conversions
This is the third and final episode in our three-part series with Realberry. If you haven’t caught the first two, start here.
Episode 1 — Chad McWhinney, Co-Founder and CEO. Chad walks through the origin story, from a berry stand in Loveland to Union Station and Centerra. He covers 35 years of building in Colorado, how the firm thinks about long-hold capital, and the vision behind the rebrand to Realberry.
Episode 2 — Taylor Hazlett, Senior Director of Private Capital. Taylor breaks down how Realberry filters 100 deals to close 2 or 3. He covers the firm’s multifamily underwriting in today’s market, the gap between replacement cost and acquisition pricing, and early signs of recovery across the Front Range.
Together, the three episodes give you the founder’s vision, the deal team’s discipline, and the CFO’s capital architecture. That’s the full picture of how Realberry works.
Who is Realberry?
Realberry, formerly McWhinney, is a Denver-based real estate investment, development, and management firm founded in 1991 by brothers Chad and Troy McWhinney. For nearly 35 years, the firm has focused on creating places people love, with a portfolio spanning master-planned communities, multifamily, hospitality, industrial, and mixed-use developments. Its work includes Denver Union Station, Dairy Block, the Crawford Hotel, and Centerra, and has earned ULI Awards of Excellence, Michelin Keys, and U.S. News Best Hotels recognition. Realberry is family-founded, community-centered, and future-focused.
#632: How to Run a Yearly Review on Every Rental You Own
Sep 08, 2026
Show notes
Most landlords buy and buy and buy, then never look under the hood. A traditional investor sits down with a financial advisor once a year to rebalance a portfolio against their goals. Real estate investors almost never run the same rental portfolio review on their properties, and that gap is where returns quietly erode.
Chris Lopez walks through the keep it, refi it, or sell it framework he has used for nearly a decade across his own portfolio and hundreds of client rentals. Using the Property Llama software, Chris runs a real anonymized example of a paid-off $550K single-family rental and shows exactly how to pressure test whether a property still deserves a spot in your portfolio.
The math surprises most investors. A paid-off rental generating $21K in annual cash flow and a $44K gross return looks great on paper, until you calculate the return on equity against the $550K sitting in that piggy bank. That works out to an 8% gross return, below the historical S&P 500 average of roughly 10%. The cash flow return alone lands at 3.8%, roughly what T-bills and bonds are paying with none of the tenant headaches or liability exposure.
The refi scenario doubles return on equity to 16%, but current rates push the underlying property into negative cash flow. The 1031 exchange path only marginally improves the numbers. And the option most investors refuse to consider, selling and paying the taxes, 4x’s cash flow from $21K to $75K when the proceeds move into a private lending fund. This rental portfolio review breaks down when each path actually makes sense.
In This Episode We Cover:
The anti-lifestyle goal setting exercise that clarifies what to cut from your portfolio
Why return on equity matters more than return on investment for existing rentals
How to benchmark your rentals against the S&P 500 and T-bills
The return on hassle filter every landlord should apply
Why a refinance can double your return on paper and destroy your cash flow
When a 1031 exchange is just a lateral move
The scenario where paying capital gains actually beats swap-till-you-drop
And So Much More!
Whether you own one property or a dozen, this annual rental portfolio review is the check-up your rentals need. Create a free Property Llama account to run these scenarios on your own portfolio, and subscribe to the Denver Real Estate Investing Podcast for more frameworks like this one.
Watch the Youtube Video
https://youtu.be/7IYMv6WNTj8
Timestamps
00:00 — Introduction
03:07 — Goal setting and the anti-lifestyle list
05:55 — Return on investment vs return on equity
07:50 — The 8% return breakdown on a $550K rental
10:58 — Benchmarking against the S&P 500 and bonds
14:49 — Keep it and optimize
18:25 — Refinance math and why cash flow can collapse
21:36— 1031 exchange scenario
24:54— Selling, paying taxes, and 4x cash flow
27:54 — Running your own numbers in Property Llama
#631: Why Denver Multifamily Owners Are Done Fighting Colorado
Sep 01, 2026
Show notes
Denver multifamily market values are down 20 to 30% from the peak, and cap rates in some submarkets have climbed into the 8s. For the first time in years, the spread between interest rates and cap rates is back, and cash flow no longer depends on a speculative rent growth story.
Host Chris Lopez sits down with Connor Knutson, Vice President at Pinnacle Real Estate Advisors, who has closed $720 million in career transaction volume across the Denver multifamily market. Connor works primarily in the 20 to 100 unit private capital space, and he brings ground-level data on what’s actually trading, where values have reset, and which submarkets have held up through the correction.
Where the pain is concentrated. North Aurora rents have corrected 35 to 40%. Golden Triangle new construction is giving 12 weeks of free rent, effectively 25% off asking. One brand new Class A asset there recently traded off-market for $30 million after previously selling for $63 million, or roughly $170,000 per door.
Where the value is holding. Wheat Ridge, Golden, and pockets of Arvada have stayed resilient. Rents are steady, vacancy is low, and pricing has softened far less than the metro average.
Why buyers are showing up now. Out-of-state 1031 money from Southern California and Wisconsin is landing in the Denver multifamily market at what these investors see as a 30% discount. Colorado owners scaling out of single-family into their first 5 to 10 unit building are also active. Meanwhile, longtime Denver owners in their 70s are exiting the state entirely, citing Colorado’s tenant-friendly legislative shift.
In This Episode We Cover:
Why the Denver multifamily market values are down 20 to 30% and where the correction has been sharpest
The $63 million to $30 million Golden Triangle trade and what it signals for Class A pricing
How insurance premiums doubled since 2019 and how some owners are now saving 50% by reshopping
Why cap rates in the 8s and interest rates around 6.5% have restored positive leverage
The 20 unit Lakewood deal that just closed at $100,000 per door
What out-of-state buyers see in Colorado that local investors sometimes miss
Why Yardi Matrix is calling for rent growth to return by the end of 2028
The Denver multifamily market has spent two years compressing, and Connor lays out exactly where the numbers now pencil for buyers with capital and patience. If you’re weighing a Denver multifamily entry or watching the cycle for the right moment, this conversation gives you the current pricing, the current terms, and the current sentiment from someone closing deals every month.
Watch the Youtube Video
https://youtu.be/_a37k7sifBw
Timestamps
00:00 — Are we at the bottom of Denver multifamily?
01:22 — Connor’s background and path into commercial brokerage
08:26 — Career tips for young brokers
10:30 — Connor’s niche: Denver metro, 20 to 100 unit deals, $720M closed
12:40 — Oversupply, concessions, and the rate reset
15:06 — NOI compression across the market
15:49 — Insurance doubled since 2019, now softening
17:28— 2026 tax reassessments
19:03 — Aurora hit hardest, Golden Triangle rents off 25%
20:45 — $63M building sold for $30M
21:38 — Wheat Ridge, Golden, and Arvada holding value
22:13 — Who’s buying now
25:10 — Why local investors are sitting on cash
28:16— Syndicator activity today
30:05 — Legislation pushing 70-year-old landlords out
33:14— Why coastal capital still sees Colorado as friendly
37:00— Where we are in the cycle
39:15— Foreclosures, lenders, and receivership
43:34— Cap rates in the 8s and positive leverage returns
46:00 — Lakewood 20-unit at $100K per door
48:11— How to reach Connor
Links in Podcast
Connor Knutson at Pinnacle Real Estate Advisors: cknutson@pinnaclerea.com
#630: How a $3.4B Colorado Firm Filters 100 Deals Down to 2
Aug 25, 2026
Show notes
Realberry looks at 100 deals to close 2 or 3. That funnel discipline is at the core of Realberry’s multifamily strategy. It’s also how a $3.4 billion firm has stayed sharp through a housing recession most Colorado investors are still living through. Taylor Hazlett, Senior Director of Private Capital, joins Chris Lopez to walk through the firm’s process. Together, they cover how Realberry filters opportunities, underwrites in today’s market, and finds the rare deal worth chasing.
Chris hosts the Denver Real Estate Investing Podcast for Colorado investors who want more than surface-level takes. Before moving to the capital side, Taylor spent 7 years at Realberry. He started as a civil engineer at Clemson and later built a couple thousand lots at Century Communities. Today, his team has built close to 400 BTR units through a joint venture with American Housing Ventures out of Texas. He now also helps lead fundraising for the firm’s private capital efforts.
From the capital seat, he sees exactly how the firm’s deal discipline plays out. The conversation covers why Realberry walks away from bidding wars. It also covers how the team underwrites base, downside, and upside scenarios, and why discipline matters more in a soft market than in a strong one. The read on Colorado then starts with a hard truth for developers. Existing multifamily is trading at roughly 20 to 30% below what it would cost to build new. For example, a building you could buy for $300,000 per unit costs $400,000 per unit to build from scratch.
As a result, capital is walking away from ground-up projects and chasing acquisitions instead. Water tap fees running $30,000 to $50,000 per unit and impact fees adding another $15,000 per home in some municipalities are only widening the gap. The recent 60-unit Castle Rock townhome acquisition is a case in point. It’s a mark-to-market opportunity that fit the buy box precisely because building new did not pencil.
Taylor also points to early signs of recovery. Rent concessions on a Realberry-operated Broomfield townhome community dropped from 8 weeks free to 2 weeks in just 3 months. Meanwhile, insurance carriers are sharpening pencils, and construction costs have stayed flat for 3 to 4 years. Taken together, these signals suggest the market is starting to firm, even if rents have not caught up yet.
In This Episode We Cover:
Inside Realberry’s multifamily deal funnel and the Monday investment committee
Why Colorado has fewer than 40 active BTR deals while Texas has hundreds
The $2.40 to $2.45 per square foot rent threshold for suburban multifamily to pencil
Why rent concessions dropped from 8 weeks to 2 weeks on a Broomfield townhome deal in 3 months
How the firm underwrites with base, downside, and upside scenarios to survive market swings
The Castle Rock 60-unit mark-to-market deal and why it fit the buy box
What the 21st Century Road to Housing Act could mean for BTR investors
Stay tuned for upcoming episodes featuring Realberry’s leadership team and behind-the-scenes property walks through some of Denver’s most recognizable developments.
Watch the Youtube Video
Timestamps
00:00 Introduction 01:13 Realberry background and $3.5B AUM 02:13 Taylor’s path into real estate 05:06 Building 400 BTR units with American Housing Ventures 06:25 Why Colorado has so few build-to-rent deals 08:07 Water tap fees and impact fees 10:02 The 100 to 2 deal funnel 13:17 Inside the Realberry investment committee 20:07 Where deal flow comes from 23:12 How Realberry underwrites in today’s market 35:22 Concessions burning off in Broomfield 37:20 Construction costs, insurance, and tax appeals 40:07 The Castle Rock mark-to-market deal 44:51 Class A vs Class C dynamics 47:43 Colorado water rights 50:17 The federal housing bill and BTR
Realberry, formerly McWhinney, is a Denver-based real estate investment, development, and management firm founded in 1991 by brothers Chad and Troy McWhinney. For nearly 35 years, the firm has focused on creating places people love, with a portfolio spanning master-planned communities, multifamily, hospitality, industrial, and mixed-use developments. Its work includes Denver Union Station, Dairy Block, the Crawford Hotel, and Centerra, and has earned ULI Awards of Excellence, Michelin Keys, and U.S. News Best Hotels recognition. Realberry is family-founded, community-centered, and future-focused.
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