Colorado Real Estate Journal -
San Diego-based Pathfinder Partners LLC and Canadianbased Bruckal Properties Inc. have completed a $1.7 million makeover of the 12-story Wellshire apartment building, a move to return the 41-year-old tower to its former glory. They purchased the 107-unit building in May 2012 for $12.5 million, according to public records. The building at 2499 S. Colorado Blvd. is between the Colorado Center and the University of Hills Shopping Center. When it opened in 1962, its steel-and-concrete architecture was a trend-setting look, but had lost its luster over the decades, the new owners admit. It was built by Vincent Rieger, a World War II hero who fought the Japanese in the Pacific. After the war, Rieger returned to Denver, received a degree from the University of Denver on the GI Bill and began a long construction career. In addition to the Wellshire, he built a lot of homes in Denver and in the southern suburbs in the 1960s and beyond, as well as the Colorado Club office building at Interstate 25 and South Colorado Boulevard. With the renovation, the Wellshire has recovered what the architect of the makeover describes as “jet-age” flair. What is considered the commercial aviation jet age in the U.S. kicked off in the late 1950s. The makeover includes iridescent reds-over-sea-grays and green paints – colors that were popular in the ‘60s and once again are trendy. The extra-large decks had always been a selling point for the building, but the laminate panels that dominated the building’s exterior were outdated. The railings have been replaced with high-tech-looking wire stainless steel cabling, providing a face-lift to the exterior of the building. Monthly rents in the 88 percent occupied high-rise range from $749 to $2,800, which equates to $1.07 to $2 per square foot. The Wellshire is one of the few high-rise rental buildings in the area east of Observatory Park and the University of Denver, according to Matt Quinn, a Pathfinder director. The building is near light-rail stations at the Colorado Center and Yale Station, providing access to downtown and the Denver Tech Center, he noted. “This site appeals to anyone who wants walk-to urban conveniences and major grocery shopping, along with the best access to downtown sports, dining and cultural attractions, but who doesn’t want actually to live downtown,” Quinn said. “We believe that the South Colorado Boulevard corridor is particularly underserved at the high end of the apartment market, where you find relatively few competing units with this uniqueness, and nothing like the city-mountain views that these homes deliver.” The Wellshire’s downstairs entry brings the reception area close to the doors, and showcases a glassed-in fitness center with 14 stations, created from what used to be a library. The project architect, Taber Sweet of Blu Design Group, has detailed prominent walls in the entry with the bold use of reds and oranges, including an espresso bar fitted with WiFi. “Midcentury modern has become a very popular look again,” said Sweet, who has developed a specialty in updating 1950s-1960s residences for a more contemporary appeal, including “new” versions of classic homes in nearby Denver midcentury neighborhoods like Krisana Park and Arapahoe Acres. Some of those jet-age stylings, Sweet said, are particularly functional now. For example, the concrete/ steel construction allows large cantilevered overhangs on the original Wellshire building above the main floor entry areas to provide a good area for secure bike/motor scooter storage – allowing residents to keep those off the balconies of individual units, an eyesore in the old building, he said. Wellshire has always offered its residents elevator-served underground parking. On the 12th level, the sundeck area is capped with a new Fiberglas sail in trademark red, which serves as a sunshade as well as an eye-catching signature design element. The top floor sports four threebedroom penthouse units. Each has a large entertaining area, a corner deck, in-unit washer-dryer, and a second, private deck on the master suite. Quinn said the views from the deck are a big selling point. “You can’t build that product anymore in Denver,” Quinn said. “We’re grandfathered in with the views, in a building that wouldn’t be economically viable to build now,” he said. “It has the views of a condo, the bones of a condo, without having to pay a condo price for it.” The Wellshire fits a profile that has Pathfinder focusing on Denver, along with San Diego, Phoenix and Seattle, as markets for rental acquisitions, Quinn said. “We’re looking for places that have strong demographic growth but still offer choice acquisitions,” he said “We like Denver’s fundamentals: A good downtown factor, a healthy lifestyle, but still perceived as a secondary market, not necessarily on the radar of all institutional buyers.”