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 and commercial properties.
Founded in 2007 by Steve Daniel and Morgan Reynolds, the firm has acquired, sold, or still operates well over $100 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 (20+ years)
- Low Overhead
- Conservative Underwriting
- Thorough Due Diligence
- Hands On Operating Style
- Strong banking and brokerage relationships
- Fiduciary Responsibility
- Repeat Investors
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. Read More »
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. Read More »
Mark Reynolds is a partner and the Chief Operating Officer for Blueline Equity Partners. He oversees the daily
operations of properties within the Blueline Portfolio. Read More »
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.
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 ad value by repositioning the property via significant renovation.
Projects that meet income and return objectives immediately.
Based on significant research and experience, BEP feels there is opportunity in certain mountain and resort locations.
EMERGING & SECONDARY MARKETS
Projects that are “off the radar” of traditional buyers, or located in markets we feel present excellent future growth and value.
Currently Owned Properties
|Property||Location||Units||Purchase Price||Equity Amount||Lender||Purchase Date||Current Yield||Projected IRR|
|Cottonwood||Greeley, CO (map)||96||$4,925,000||$1,750,000||Guaranty Bank and Trust||January 2013||9%||14%|
|Park Manor||Longmont, CO (map)||68||$5,250,000||$2,400,000||Guaranty Bank and Trust||February 2014||8%||16%|
|Village Condos||Evans, CO (map)||20||$2,300,000||$1,100,000||FirstBank||November 2014||8%||14%|
|Fox Run||Fraser, CO (map)||64||$5,650,000||$2,400,000||First Western Trust||July 2016||7%||14%|
|Fillmore Ridge||Colorado Springs, CO (map)||114||$10,650,000||$3,450,000||Freddie Mac||December 2016||9%||15%|
|The Buttes||Loveland, CO (map)||111||$21,200,000||$6,500,000||Freddie Mac||July 2017||6%||14%|
|Northridge||Gretna, NE (map)||108||$10,300,000||$4,000,000||Freddie Mac||May 2018||6%||13%|
|Greenhouse||Omaha, NE (map)||129||$17,600,000||$7,530,000||Fannie Mae||November 2018||6%||14%|
|Fireside||Colo. Springs, CO (map)||108||$13,600,000||$5,365,000||Freddie Mac||November 2018||6%||13%|
|Hillcrest||Durango, CO (map)||112||$19,800,000||$7,500,000||Freddie Mac||May 2019||7%||13%|
|Val Verde Apartments||La Vista, NE (map)||84||$6,500,000||2,700,000||Freddie Mac||June 2019||6%||12%|
|Property||Location||Units||Purchase Price||Equity Amount||Lender||Purchase Date||Sales Price||Per Unit||Cash on Cash||Equity Multiple||IRR|
|Parkview||Denver, CO (map)||24||$950,000||$650,000||Chase||March 2007||$2,600,000||$114,583||35,0%||1.35x||21%|
|Albion||Denver, CO (map)||34||$1,550,000||$1,000,000||First American State Bank||September 2007||$3,852,000||$113,294||27,5%||1.28x||19%|
|1140 S. Bellaire||Glendale, CO (map)||40||$2,000,000||$850,000||Fannie Mae||March 2008||$3,650,000||$91,250||39,2%||1.39x||9%|
|1190 S. Bellaire||Glendale, CO (map)||27||$1,230,000||$800,000||Chase||September 2007||$2,500,000||$92,593||27,5%||1.28x||19%|
|Trafalgar||Glendale, CO (map)||74||$4,400,000||$2,600,000||Fannie Mae||December 2008||$8,700,000||$117,568||73,3%||1.73x||13%|
|Cherry Creek Place||Denver, CO (map)||144||$5,900,000||$2,800,000||Freddie Mac||August 2009||$9,650,000||$67,014||87,3%||1.87x||19%|
|13th Street Apartments||Denver, CO (map)||18||$1,050,000||$1,320,000||Chase||February 2011||$2,750,000||$152,778||89,5%||1.89x||28%|
|Table Mountain||Golden, CO (map)||29||$2,150,000||$2,400,000||Guaranty Bank and Trust||May 2011||$3,600,000||$124,138||89,0%||1.89x||39%|
|The Birch||Glendale, CO (map)||129||$6,200,000||$2,100,000||Freddie Mac||November 2011||$14,000,000||$108,527||143,4%||2.43x||28%|
|Park Point||Glendale, CO (map)||61||$3,550,000||$1,600,000||Fannie Mae||November 2011||$6,900,000||$113,115||124,1%||2.24x||52%|
|Infinity||Denver, CO (map)||116||$6,380,000||$3,400,000||Freddie Mac||May 2011||$17,200,000||$148,276||115,2%||2.15x||34%|
|Four Mile||Denver, CO (map)||115||$6,496,000||$3,350,000||FirstBank||December 2012||$17,500,000||$152,174||102,0%||2.02x||30%|
|Vantage Point||Denver, CO (map)||115||$8,625,000||$3,000,000||Chase||July 2013||$13,900,000||$120,870||90,7%||1.91x||40%|
|The Timbers *(1)||Crested Butte, CO (map)||44||$1,500,000||$1,750,000||Guaranty Bank and Trust||January 2013||$7,700,000||$175,000||TBD||TBD||TBD|
Notes: 1 - Condo conversion completed in 2016