Located in-between the beautiful Cheesman Park and Capitol Hill neighborhoods of Denver, this magnificent 1902 three-story brick Italian Renaissance Revival represents the once standard elegance of architecture. With a beautiful courtyard, exposed brick walls, hardwood floors in many of the units, hand-carved woodwork and the attention to detail common at the turn of last century, this building is an exciting opportunity to own.
Alta Court is conveniently located one mile to the east of the Central Downtown Business District, minutes away from Cherry Creek North and conveniently accessible to both Interstate Highways 25 and 70. Responsive, local management and ownership has kept this building in top condition. The Suites have individual HVAC systems. This office building is simply a taste of old world European charm with all the modern amenities desired by a modern office user.
The building size is 41,609 square feet, considered a class B office space and is situated on 10,000 SF of land. It also comes with a 20,000 SF parking lot zoned C-MS-5, allowing a redevelopment of up to five stories.
There is an in-place Net Operating Income (NOI) of $400,000 with the potential to increase this through increasing the rent on lease renewals, leasing the 3,000 square feet of vacancy, converting the front porch into retail, and leasing additional parking and more. We have until January 4, 2018 to close and prior to this there are scheduled increases of $25,000, so when we close there will be an NOI of $425,000.
The Purchase Price is $6,500,000, which is a 6.53% capitalization rate on cost and the total acquisition costs are approximately $7,170,000, which is a 5.92% capitalization rate on the NOI of $425,000. This is a total acquisition cost of $169 PSF. We are raising $3,750,000 in 75 - $50,000 units with a maximum investment of $500,000.00 per individual. We will only be accepting accredited investors; please contact Kathy Ellman 303- 513-2114 if you want this explained.
We will be purchasing the property in two pieces to facilitate our financing and the ability to sell/ develop the parking lot in the very near future. We will be securing a loan of $3,500,000 that will be secured by only the building. We will use cash to purchase the parking lot. In the beginning, Excell Alta, LLC will own both properties and investors will be Members of the LLC.
Click on the above "Complete Brochure" for our 33 page brochure!
May 15, 1994, Steven M. Cersonsky accepted the position of Vice President of Acquisitions for Excell Fund LLC, whose main emphasis is finding shopping center properties nationally, which fit the company’s acquisition criteria.
After college at Illinois Institute of Technology and graduate school at the University of Colorado, Steve started his real estate career in January 1972, as a multi-residential property manager and residential real estate salesman. By 1980, Steve’s responsibilities had grown to consist of asset managing approximately $250,000,000 of real estate. He was in charge of leasing, sales, and management. Part of Steve’s duties was to oversee the management, development, maintenance, and sale of 6 nursing homes.
In 1982, Steve formed Sun Realty, Inc., which acquired, developed, managed, and syndicated new retail and office projects, totaling some $20,000,000. Some projects were taken from ground acquisition to fully leased complexes. Steve kept these projects over 80% leased, even in the down markets.
At J. Herzog & Sons, Inc., Steve was responsible for leasing and releasing over 2,500,000 square feet of retail strip centers, in 13 states, from New York to Florida and west to Colorado. He created a contact network for hundreds of national credit tenants. Steve has a strong background in computers, finance, insurance, leasing, management, sales, and real estate workouts.
At Excell Fund, LLC, Steve represents several national tenants (including Family Dollar Stores, Inc.) in their search for quality locations nationwide. In recent years, Steve has been instrumental in creating over 480,000 square feet of new stores for Family Dollar, redeveloped approximately 300,000 square feet of vacant retail buildings, and has expanded operations to a new office in Cincinnati and Oklahoma to handle development opportunities in Texas, Oklahoma, Michigan, Missouri, Ohio, Kentucky, West Virginia, Maryland and Indiana.
Steve is one of the primary owners and Managing Members of Park Regency Assisted Living Center in Loveland, CO, and is one of the managing members, and primary financial backers for Park Regency Thornton, LLC. Both of these properties sold in 2014. Steve has gone on to be the managing member of 6 new Senior Living projects, 4 in Colorado (Parker, Ken Caryl, Littleton, and Aurora), 1 CCRC in Oklahoma City, and 1 AL project located in Sunrise Mall in Corpus Christi, TX.
Virgil W. Shouse, III joined the Excell Team in 1998 as partner and broker. In over 18 years with the Excell team, he has advanced his involvement and ownership in its companies. Today, he is active in retail development nationally. Virgil has directed the leasing, acquisitions, dispositions, and development of hundreds of retail properties and thousands of square feet from Wyoming to Maryland. His primary focus has been single credit tenant development; however, he also has had a strong presence in multi-tenant retail developments and redevelopments. Virgil is a member of the ICSC, Xceligent, Loopnet, and networks, and is in touch with the national retail real estate players as well as most real estate activity in Denver. Virgil is a conscientious businessman, taking pride in adding value to the community as well as to his investors and clients. He is proud of his “can do” philosophy, and exercises this with a strong sense of fairness for all stake holders involved from the beginning of a deal through its completion.
“They can who think they can”
Kathy Ellman has over 30 years experience in development, real estate leasing, brokerage, asset management, property management & construction management. She was responsible for the national development, leasing, asset management and tenant finish for 47 Laser Vision Centers. She has over 10 years of experience as a broker/tenant representative for several publicly traded national retailers. Kathy also has a strong background in market analysis utilizing demographics and research, and has been responsible for analysis and marketing packages and site determination for multiple real estate executive review boards. Currently Kathy primarily concentrates on marketing development syndications to venture capitalists, in which she participates as a managing member. Kathy has a Bachelor’s Degree in Marketing & Mass Communications and an MA in Philosophy with an emphasis on business ethics both from the University of Denver. Kathy rejoined her brothers, Steve and David, in May of 2006 as a broker and investor relations manager.
David started in commercial Real Estate in 1979 and received a Bachelor of Science Degree in Real Estate from the University of Texas in 1981. He joined Steve (his brother, the President of Excell Fund) in 1982 as partners on many retail and office projects, working the Denver area exclusively for 7 years. After leaving Colorado in 1989 to venture into the Texas market on his own, he rejoined his brother and Excell Fund in 2004 as the Texas Director of Development.
With years of first hand experience in leasing, sales, management, acquisitions, financing and construction, David is able to handle all aspects of the development process with efficiency. David is a member of ICSC (International Council of Shopping Centers) which has allowed him the opportunity to expand his client base. He strives to offer a full service development process whether it is for personal investment, outside investors, tenants or owners.
His Commercial Real Estate Development experience includes coordination of over thirty projects from initial planning and acquisition through all aspect of the development project: planning, design, zoning and permitting, consultant selection (Architects & Engineers), bid supervision and contract negotiation as well as construction supervision to final punch-list and tenant turnover.
Sue joined Excell Fund in January of 2003 as Office Manager. Prior to this Sue
worked at home for nine years where she did the accounting for her husbands trucking company.
At Excel, Sue’s smiling face is the first to greet you. Sue has a lengthy background in office management. She assists in multiple areas of Excell Fund’s operation, as well as maintaining numerous accounts and payrolls on Quickbooks for the company and it’s affiliates. Sue also coordinates with CPA’s for year-end accounting, 1099’s, K-1’s and monthly reports. In addition, Sue provides provides administrative support for the entire office.
Kelly Greenberg, relocated to Denver from New York City. She studied Spanish and Business at Metropolitan State University and has been a professional in Business Administration for over 20 years. Inspired by Colorado’s burgeoning real estate market, Kelly joined the Excell team in 2017. She spends her free time entertaining at home for family and friends and enjoys exploring the natural beauty of Colorado’s landscapes as well as the Denver music and fine arts scene.