Modo Launches "Epic" Brand

by Jennifer Hayes
Colorado Real Estate Journal

MoDo Developers is set to launch its latest project – a conodominium conversion of “epic” proportions.

MoDo Developers, under the name Commercial Equity LLC, paid $2.92 million for the Silverbrook Apartments, where it will introduce its next generation of condos.

“MoDo will transform the property,” Cornerstone Apartment Services Inc.’s Greg Johnson said of the 31-unit building. “This will be the latest in a string of positive developments for the improving Congress Park neighborhood.

”The development group comprised of seven 30-somethings started MoDo in 2003 as a way for young professionals to purchase modern downtown Denver condos – places they themselves would like to live at an affordable price, according to MoDo’s Kevin Calame, president of marketing and sales.

“We really believe in the product,” Calame said of the group’s conversions, which focus on the $100,000 to the upper $200,000, or $230 per square foot, market. “Glass House, (One) Lincoln Park and Pinnacle are $300 to $700 per square foot. They are awesome, but not our clientele. We really believe we are the last affordable housing, which is cool.

”MoDo Developers is set to start work in May on its Epic Condos, which follows on the heels of the success of its three-building Skye Condos brand.

Like MoDo’s Skye Condos, the Epic Condos will feature large balconies, redone electric, wireless Internet access and modern, high-end finishes, akin to what MoDo Developers’ buyers, who average 27.7 years old, fall in love with in LoDo but can’t afford.

Yet MoDo’s product, which in the Epic Condos brand will average $170,000, allows first-time homebuyers to combine quality with an affordable mortgage payment, added Calame.

On average, MoDo Developers spends $60,000 per unit in converting its properties.

“The before and after is a really dramatic difference,” said Johnson, who with Cornerstone Apartment’s Jim Lorenzen, represented MoDo in the acquisition of the Silverbrook Apartments at 1245 Columbine St.

“It’s a striking overhaul to the buildings,” Johnson said of MoDo’s work, which includes architectural steel work, high-end kitchens, adding a roof deck to every building and second staircase to access the deck and adding steel I-beam balconies, for example. “Their projects really stand out in a crowd. "


The Silverbrook Apartments in the Congress Park neighborhood will be part of MoDo Developers’ newest condo conversion offering – the Epic Condos.


”Silverbrook is one of three central Denver properties that will be part of MoDo’s new genre of condos. 500 E. 11th Ave. will become Epic on Penn while in the coming weeks will close on its soon-to-be Epic on Washington community.

MoDo Developers plans to invest $1.8 million in converting Silverbrook into Epic on the Park, named for its proximity to Congress, Cheesman and City Parks.

Epic on the Park, comprising 15 670-sf, one-bedroom and 16 960-sf two-bedroom units, will feature not only MoDo’s standard upgraded amenities and finishes but also a new addition to the mix, a washer and dryer in each unit. The community also includes 35 parking spaces and is within a short walk to retail and restaurants like Chinese and Greek restaurants, Diedrich Coffee and Ace Hardware.

The sale of the community represents a price per unit of $94,323, 50 percent higher than the average per unit in the submarket, 50 percent higher than the average according to Apartment Realty Advisors’ Terrance Hunt, who with ARA’s Shane Ozment, represented Silverbrook LLC in the sale.

MoDo Developers’ Skye Condos are located at 1045 Clarkson St., 1336 Logan St. and 188 S. Logan St. While focused on the central Denver market, MoDo Developers’ satellite partners are looking to duplicate the product in Chicago and Atlanta.

“MoDo is doing for condos what Portus is doing for apartments,” said Johnson.

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Everyone,

Want to get on the "VIP" list and buy one of these?

Contact me directly.

Thanks,

Chris

Chris Behrens
Managing Partner
modo developers
303.619.7987
Chris@cequity.net