Portfolio
Ground-up development from Garfield County to the Front Range: for-sale residential, multi-tenant retail, and flex industrial.
Active
Capitalized and moving — entitlement, construction, or lease-up.
Active
48 for-sale townhomes on a 6.56-acre parcel in New Castle — 113,232 SF of new attached housing on the I-70 / Roaring Fork corridor.
Active
A 16,200 SF multi-tenant retail center plus two pad sites — shell complete and fully committed across five suites.
Active
19,700 SF of multi-tenant retail in two in-line buildings with drive-thrus, fronting Highway 7 in the Vista Ridge trade area.
Active
Two multi-tenant retail buildings totaling roughly 20,700 SF at 57th and Tower, in the fastest-growing residential quadrant of Denver.
Active
An 11.35-acre mixed-use development: a 10,800 SF multi-tenant retail center, three drive-thru pad sites, and 48 townhomes above.
Pipeline
Deals with completed underwriting awaiting land control or capital timing.
Completed
Built, leased, and sold. Figures on each page are realized, not projected.
Completed
Urban infill retail in Rice Village — built, leased to national and local specialty tenants, and sold for $14.2M.
Completed
A $10.4M multi-tenant retail center built and sold inside two years for $14.2M — a 150% return on equity.
Completed
Multi-tenant retail built for $4.9M and sold for $7.5M — a 210% return on $1.26M of equity.
Completed
Built for $5.1M on $601K of equity and sold for $6.3M twenty-two months later — a 195% return.
Completed
Small-bay flex built for $2.7M and sold for $3.9M — a 305% return on $405K of equity.
Completed
A ground-up medical office building completed in 2019 — the most design-intensive delivery in the portfolio.
Realized
Ground-up projects taken from land to sale by the principals. Never a lost dollar on a ground-up development, and never a capital call.
| Project | Type | Project cost | Sale price | Return on equity | Held |
|---|---|---|---|---|---|
| Shadow Creek | Retail | $5,127,210 | $6,300,000 | 195% | 2013–2015 |
| Katy Mills | Business park | $4,667,407 | $5,289,598 | 100% | 2013–2016 |
| FM 1463 | Retail | $4,425,271 | $6,800,000 | 313% | 2013–2016 |
| Hawthorne | Retail | $3,824,188 | $4,900,000 | 88% | 2010–2013 |
| Cinco Business Park | Flex | $2,687,921 | $3,925,000 | 305% | 2011–2015 |
| Katy Green | Flex | $2,326,903 | $3,650,000 | 283% | 2012–2016 |
| Lone Star Crossing | Retail | $4,870,115 | $7,500,000 | 210% | 2012–2014 |
| Rayford | Retail | $7,073,365 | $8,511,707 | 104% | 2014–2018 |
| Village Place | Urban retail | $10,311,223 | $14,200,000 | 81% | 2011–2015 |
| Rock Creek | Retail | $10,389,165 | $14,180,000 | 150% | 2015–2016 |
| Barker Cypress | Retail | $5,088,810 | $5,999,737 | 51% | 2016–2017 |
| Green Valley Ranch | Retail | $7,862,037 | $8,600,000 | 46% | 2016–2019 |
| Gosling | Retail | $4,800,000 | $5,460,000 | 82% | 2015–2021 |
Delivered by the principals through Lone Star Partners and Vincere Real Estate LLC prior to and alongside Mustang Commercial. Figures are unaudited, calculated by the company and its CPA from tax returns and closing statements, which are available on request. Past performance is not indicative of future results, and no representation is made that any investor will experience comparable returns.
