Colorado Real Estate Journal - March 18, 2015
Until 2011, The Amherst on South Federal Boulevard was a forlorn, 81-unit 1973 apartment building plagued by everything from bedbugs to crack dealers. Then called Loretto Manor, the Amherst has been reborn as an affordable haven where hardworking, low-income families can raise their children. The ownerfounders of BMC and BLDG, Matt Joblon and Darren Everett, took this on as their first project together. Three quarters of financing came from a loan from Collegiate Peaks Bank, with the rest coming from BMC and investors. A $315,000 investment freshened the building, but the bigger issue was improving the safety of the complex. The new management group worked with the Denver Police Vice Squad on a joint undercover to evict drugdealing tenants. The Amherst has now been cleaned, painted and gated with durable play spaces for the 70 kids who live here (up from less than five when BLDG took over). BLDG also partnered with City Square to provide breakfast and lunch for the children in the building. The renovation met a need for safe housing and has attracted tenants who take care of the property. It also proved to be a smart financial move. BLDG purchased The Amherst in 2011 for $4.07 million and invested $315,000 in its renovation. This year BLDG sold the property for $5.6 million, a boosted value of $1.5 million or $18,889 per unit. Developers: Darren Everett, President, BLDG Management and BMC Investments. Owner: Matthew Joblon, CEO, BLDG Management and BMC Investments Wow factor: A setting out of “The Wire” becomes a great place for kids and their families.