Argosy Invests in Tallman Gulch
On December 30, 2014, Argosy Real Estate made a controlling investment in Tallman Gulch, a distressed 454-acre property containing 117 single family residential lots located in Douglas County, a southeast suburb of Denver, Colorado. The Property was acquired off-market from an FDIC-appointed successor to the original lender on the Project, following a 2011 foreclosure.
Argosy partnered on the acquisition with Craft Companies, a Denver-based real estate development company focused on for-sale residential product in northeast Colorado.
The Project is divided into three phases of approximately equal size, with phase 1 containing finished lots and phases 2 and 3 containing partially improved lots. The Project business plan is to sell the lots in their current condition by phase.
The Denver metropolitan area is the largest in the state of Colorado and 17th-largest in the nation with an estimated population of 3.2 million. Consistently ranked among the top 10 places to live in the United States, Metro Denver also has a young, highly educated workforce, an affordable cost of doing business, diverse job base, world-class cultural amenities and recreational opportunities, and an excellent transportation system. Coupled with strong population growth, job creation is resulting in a faster rate of household formation in the Denver metro area during recent years. The Parker submarket, in which the Property is located, is one of the most active submarkets for new homes in the Denver MSA and boasts higher-than-average home prices and absorption pace compared to most other Denver submarkets.