Case Studies : Independence Plaza Denver, CO

Amstar acquired this asset during 1993 at an attractive basis owing to a soft market and a capital constrained seller that was unable to complete significant deferred maintenance. After updating and repositioning this well-located office property, Amstar implemented an aggressive leasing strategy and filled much of the vacancy in a challenged market.
During 2004, Amstar sold to an institutional investor a promoted 84 percent interest in the asset and maintained full asset management responsibility. After increasing property occupancy to 98 percent, Amstar and its institutional partner took advantage of the demand for investment-quality assets in Denver and the willingness of investors to underwrite aggressive rental rate growth and sold the asset during 2007.