Development Land

84 Units Across 21.5 Acres

Frontgate | Avon

``One of the most significant land transactions in Eagle County``

This property was one of the last remaining development sites in Avon, CO, and will be home to the town’s newest residential development: Frontgate | Avon. The transaction represents one of the most significant land transactions to take place in Eagle County. As designed, the property will consist of 75 condominiums and 9 townhomes, with pricing starting at $1,300,000.

  • Listing Acquisition

    • Acquiring the Listing

    Flexing Unprecedented Market Knowledge.

    • Fortius Commercial Advisors (“FCA”) continuously monitors debt maturities and foreclosures in Eagle County. The property was placed into foreclosure by the Lender, a Denver based, non-bank entity. FCA came upon this information independently. The Lender later took possession of the property through the foreclosure process. FCA made contact with the new owner to introduce the team and receive an update on the project. Owner was unsure what they were going to do with the property; i.e., sell or develop.
    • FCA valued the property and advised owner to sell. Owner made the decision to sell and reached out to several brokerage teams who all pitched their respective firms and services.
    • FCA won the assignment due to the firm’s deep market knowledge, experience on similar assignments in the area and its rolodex of qualified buyers, contractors and town council members.

  • Marketing Strategy

    • Aligning Strategy

    Unpriced & Short-Exposure.

    • The owner wished to recoup what they lent to the previous owner through the sale of the property.
    • The market for this kind of property was red hot at the time, and FCA wanted to ensure the maximum sale price was achieved. The property was brought to market, unpriced, with a short exposure period.
    • The opportunity was syndicated to developers, nationwide, with a focus on those that have built in this market, or similar ones (as resort markets pose unique challenges).

  • Market Response

    • Acquiring Multiple Offers

    100+ Qualified Buyers.

    • Initial market response exceeded expectations and many qualified buyers showed interest in the property.
    • Prior to the firm’s Call for Offers date, 100 qualified buyers executed a confidentiality agreement and multiple offers were submitted.

  • Buyer Selection

    • Finding the Right Buyer

    Deep, Local Development Experience or Bust.

    • FCA emphasized the importance of selecting a Buyer with experience developing projects of this size in this market; more than one group that offered on the site had no experience here.
    • Sticking close to previous approvals was important as it would allow for a quicker closing process.
    • The Seller, ultimately, selected a group that has developed billions of dollars of real estate in Colorado’s resort markets.

  • End Result

    • Closing Without Friction

    Transacting Through New Discovery.

    • Due to the distressed nature of the transaction, issues with the property were discovered that was unknown to all prior to going under contract.
    • Those issues, included: legitimate and illegitimate liens, pending lawsuits, ongoing entitlement issues and deteriorating site-work.
    • All issues with the property and title were resolved in an expedient manner.
    • The transaction closed with all parties satisfied and only briefly past FCA’s originally anticipated timelines.
    • Buyer was able to resume construction quickly after close.

  • FCA Value-Add

    • Overdelivering on FCA Value

    Applying a Dominant Market Understanding.

    • Due to our proximity to the property, FCA was able to closely monitor the entitlement process and construction. The firm got ahead of the opportunity once it was clear that the development encountered trouble.
    • FCA met the Buyer of the property on a chair lift at Vail Ski Resort several weeks into the marketing process. Our firm’s presence in this market provides us with the opportunity to meet principals who do business here on a regular basis.
    • Other brokerage teams that pitched the Seller did not have a strong understanding of true value in this market. FCA holds a deep understanding of value in Colorado’s resort markets, and was able to properly guide the Seller on value, generating the highest sales price.

    Interested in working with us?

    CRE stakeholders seeking to buy, sell or optimize
    a portfolio in Colorado may consider inquiring.

    Get Started