WE ARE A DENVER-BASED, FULL-SERVICE PRIVATE REAL ESTATE INVESTMENT FIRM SPECIALIZING IN THE ACQUISITION, DEVELOPMENT, REDEVELOPMENT, MANAGEMENT, AND DISPOSITION OF MULTIFAMILY, RETAIL, AND HOSPITALITY PROPERTIES. WE SPECIALIZE IN TAX EFFICENT & TAX DEFERRED IVESTMENTS AND TRANSACTIONS.
ABOUT US
Blueline Equity Partners (BEP) is a Denver-based, full-service private real estate investment firm specializing in the acquisition, redevelopment, management, and disposition of multifamily, hospitality, and commercial properties.
Founded in 2007 by Steve Daniel and Morgan Reynolds, the firm has acquired, sold, or still operates well over $250 million worth of multifamily assets. BEP partners with qualified private equity investors to acquire targeted properties that meet well defined return thresholds.
BEP prides itself on the following:
Experienced Management Team (30+ years)
Low Overhead
Conservative Underwriting
Thorough Due Diligence
Hands On Operating Style
STRONG BANKING AND BROKERAGE RELATIONSHIPS
Fiduciary Responsibility
Repeat Investors
PARTNERS
morgan reynolds
Morgan Reynolds is a founding partner of Blueline Equity Partners. A native of Denver, Colorado, Morgan has worked in the multifamily space for over 20 years.
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STEVE DANIEL
Steve Daniel is a founding partner of Blueline Equity Partners. Steve’s focus within the partnership has been deal
sourcing, debt and equity sourcing, and construction management of their various projects.
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Sarah Knight
Sarah Knight has been providing tax and advisory services to Blueline Equity Partners since its inception in 2008. In May of 2020 Sarah formally joined the team to provide more dedicated financial and deal support.
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OUR OBJECTIVES
BEP underwrites all projects, regardless of specific property objectives, with 3 primary goals in mind:
Preservation of Invested Capital
Income Generation
Long Term Growth and Gain
All projects offer investors a preferred return, and the general partner does not participate in cash flow or profits interest until all invested principal is returned AND preferred return thresholds are met.
BEP co-invests in every partnership.
BEP only proceeds with partnerships that project a minimum lifetime IRR in the low to mid teens, and a tax advantaged annual cash flow above 6%.
BEP typically acquires properties at well below replacement cost.
BEP has a fee structure lower than industry average.
Typical hold period is 7-10 years, unless higher than targeted returns can be achieved by an earlier disposition.
“
”Any number of unknowns can impact whether a deal will work or it won’t. What I do know is that Morgan and Steve take the stewardship of the capital entrusted to them seriously, and that they will squeeze every bit of value out of an asset, irrespective of market conditions.””
ACTIVE HOLDINGS
| Property | Location | Units | Purchase Price | Equity Amount | Lender | Purchase Date | Current Yield | Projected IRR |
|---|---|---|---|---|---|---|---|---|
| Colorado Springs Extended Stay Premier Hotel | Colorado Springs, CO (map) | 124 | Pre-Construction | $6,750,000 | Keystone Bank | Mar 2023 | N/A | 23% |
| Pueblo Extended Stay Premier Hotel | Pueblo, CO (map | photos) |
124 | Under Construction | $6,650,000 | First Western Trust | Sep 2022 | N/A | 24% |
| Basecamp Apartments | Montrose, CO (map) | 96 + Land | $33,500,000 | $17,200,000 | InBank | Jan 2023 | N/A | 10% |
| Foxhill Apartments | Casper, WY (map) | 304 | $17,950,000 | $8,391,963 | Freddie Mac | Jan 2022 | 6% | 25%* |
| The Cannery | Bozeman, MT (map) | 52 units + 15,000 SF commercial | $31,750,000 | $14,188,807 | First Western Trust | Dec 2021 | 6% | 12% |
| LoHi Apartments | Denver, CO (map) | 21 | $7,285,000 | $2,240,000 | First Western Trust | Jul 2021 | 6% | 14% |
| 1304 Apartments | Durango, CO (map) | 20 | $8,550,000 | $2,700,000 | Independent Bank | Jun 2021 | 8% | 17% |
| Overlook at Mesa Creek | Colorado Springs, CO (map) | 91 | $27,285,000 | $10,557,409 | Freddie Mac | Feb 2021 | 7% | 11% |
| Greenhouse | Omaha, NE (map) | 129 | $17,600,000 | $7,530,000 | Fannie Mae | Nov 2018 | 6% | 14% |
| Village Condos | Evans, CO (map) | 20 | $2,300,000 | $1,100,000 | FirstBank | Nov 2014 | 8% | 14% |
| Totals/Average | 981 | $146,220,000 | $77,308,179 | 6% | 14% |
* Full return of invested capital within 18 months
PREVIOUS PROJECTS
| Property | Location | Units | Purchase Price | Equity Amount | Lender | Purchase Date | Date Sold | Sales Price | Per Unit | Equity Multiple | IRR |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Skyline | Durango, CO (map) | 112 | $19,800,000 | $7,500,000 | Freddie Mac | May 2019 | 7/21/2022 | $32,750,000 | $292,411 | 2.09x | 21% |
| Flatwater | La Vista, NE (map) | 84 | $6,500,000 | $2,700,000 | Freddie Mac | Jun 2019 | 7/20/2022 | $11,172,500 | $133,006 | 1.92x | 24% |
| Northridge | Gretna, NE (map) | 108 | $10,300,000 | $4,000,000 | Freddie Mac | May 2018 | 7/20/2022 | $16,400,000 | $151,852 | 1.98x | 16% |
| Fireside | Colo. Springs, CO (map) | 108 | $13,600,00 | $5,365,000 | Freddie Mac | Nov 2018 | 10/28/2021 | $20,500,000 | $189,815 | 1.59x | 17% |
| Fillmore Ridge | Colorado Springs, CO (map) | 114 | $10,650,000 | $3,450,000 | Freddie Mac | Dec 2016 | 10/19/2021 | $21,500,000 | $188,596 | 2.81x | 29% |
| The Buttes | Loveland, CO (map) | 111 | $21,075,000 | $6,736,000 | Freddie Mac | July 2017 | 2/19/2021 | $25,500,000 | $229,730 | 1.48x | 12% |
| Cottonwood | Greeley, CO (map) | 96 | $4,925,000 | $1,750,000 | Independent Bank | Jan 2013 | 12/14/2020 | $14,518,000 | $151,229 | 5.91x | 31% |
| Fox Run | Fraser, CO (map) | 64 | $5,650,000 | $2,400,000 | Independent Bank | Jun 2016 | 3/31/2020 | $9,440,000 | $147,500 | 2.17x | 23% |
| Park Manor | Longmont, CO (map) | 68 | $5,250,000 | $2,400,000 | Independent Bank | Feb 2014 | 7/10/2019 | $12,500,000 | $183,824 | 2.22x | 19% |
| The Timbers1 | Crested Butte, CO (map) | 44 | $1,500,000 | $1,750,000 | Independent Bank | Jan 2013 | 9/13/2016 | $7,700,000 | $175,000 | 1.26x | 13% |
| The Birch | Glendale, CO (map) | 129 | $6,200,000 | $2,100,000 | Freddie Mac | Nov 2011 | 7/14/2015 | $14,000,000 | $108,527 | 2.43x | 28% |
| Park Point | Glendale, CO (map) | 61 | $3,550,000 | $1,600,000 | Fannie Mae | Nov 2011 | 7/14/2015 | $6,900,000 | $113,115 | 2.24x | 52% |
| Infinity Flats | Denver, CO (map) | 116 | $6,380,000 | $3,400,000 | Freddie Mac | May 2011 | 7/14/2015 | $17,200,000 | $148,276 | 2.15x | 34% |
| Four Mile Flats | Denver, CO (map) | 115 | $6,496,000 | $3,350,000 | FirstBank | Dec 2012 | 7/14/2015 | $17,500,000 | $152,174 | 2.02x | 30% |
| Vantage Point | Denver, CO (map) | 115 | $8,625,000 | $3,000,000 | Chase | Jul 2013 | 7/14/2015 | $13,900,000 | $120,870 | 1.91x | 40% |
| 13th Street Flats | Denver, CO (map) | 18 | $1,050,000 | $1,320,000 | Chase | Feb 2011 | 3/23/2015 | $2,750,000 | $152,778 | 1.89x | 28% |
| Trafalgar | Glendale, CO (map) | 74 | $4,400,000 | $2,600,000 | Fannie Mae | Dec 2008 | 4/23/2014 | $8,700,000 | $117,568 | 1.73x | 13% |
| 1140 S. Bellaire | Glendale, CO (map) | 40 | $2,000,000 | $850,000 | Fannie Mae | Mar 2008 | 7/1/2013 | $3,650,000 | $91,250 | 1.39x | 9% |
| 1190 S. Bellaire | Glendale, CO (map) | 27 | $1,230,000 | $800,000 | Chase | Sep 2007 | 7/1/2013 | $2,500,000 | $92,593 | 1.28x | 19% |
| Table Mountain | Golden, CO (map) | 29 | $2,150,000 | $2,400,000 | Independent Bank | May 2011 | 6/28/2013 | $3,600,000 | $124,138 | 1.89x | 39% |
| Cherry Creek Place | Denver, CO (map) | 144 | $5,900,000 | $2,800,000 | Freddie Mac | Aug 2009 | 12/14/2012 | $9,650,000 | $67,014 | 1.87x | 19% |
| Parkview | Denver, CO (map) | 24 | $950,000 | $650,000 | Chase | Mar 2007 | 10/1/2012 | $2,600,000 | $114,583 | 1.35x | 21% |
| Albion | Denver, CO (map) | 34 | $1,550,000 | $1,000,000 | First American | Sep 2007 | 9/15/2008 | $3,852,000 | $113,294 | 1.28x | 19% |
| Totals/Average | 1,835 | $149,856,000 | $63,685,000 | $278,782,500 | $145,778 | 2.04x | 24% |
1 Condo conversion completed in 2016
PRIMARY PROPERTY TYPES
VALUE ADd: OPERATIONS
Projects where BEP can add value through a combination of operating efficiencies, revenue increases, and expense reductions.
VALUE ADD: RENOVATION
Projects where BEP can add value by repositioning the property via significant renovation.
EMERGING & SECONDARY MARKETS
Projects that are “off the radar” of traditional buyers, or located in markets we feel present excellent future growth and value.
MOUNTAIN PROPERTIES
Based on significant research and experience, BEP feels there is opportunity in certain mountain and resort locations.
Development
Maximizing investor returns by sourcing quality locations, then developing, stabilizing and selling new product.
Hospitality
Developing extended stay hotel properties with best-in-class industry partners.
Income Generation
Projects that meet income and return objectives immediately.