Boulder County Business Report: Two Real-Estate Vets Join to Invest and Manage

By Michael Davidson
BOULDER – Two local real-estate veterans are launching a new investment and management company that will focus on buying industrial, flex and office properties in Boulder and Broomfield counties.
Andrew Freeman and Dan Cohen have launched Flagstaff Holdings LLC. The duo hopes to leverage their knowledge of the local real estate market into building a portfolio in the half-million square-foot range.
Flagstaff Holdings will think local, looking at buildings exclusively in Boulder and Broomfield counties and focusing on partnerships with local investors, they said. Its strategy will be different than that of major national investors such as Goff Capital Partners that have recently bought large multi-property portfolios.
“We’re definitely a different player than the institutional players. We are much more focused on the local level, buying one or two buildings at a time in the $3 million to $10 million range,” Freeman Myre said. That translates to about 30,000 to 100,000 square feet.
Flagstaff Holdings will look to acquire properties that are underperforming or need improvement and invest in upgrading them to attract new tenants, Cohen said. Flagstaff Holdings also will build properties.
Emerging trends suggest now is a good time to buy, as vacancy rates for quality properties have dropped and rental rates seem poised to rebound to pre-recession levels, Freeman Myre said.
“This really is born out of an optimism in the quality and strength of the Boulder market,” Cohen said. “We’re really starting to see trends headed in the right direction.”
Read more: 2 real-estate vets join to invest and manage – Boulder County Business Report