S
ean Sjodin, CEO of Ascent Real Estate Partners, made an unconventional move to acquire a 110,000-square-foot office complex in Denver's East Evans area for $5.1 million. The property was half-vacant and had been trending downward since the pandemic.

    Sjodin initially bought a 60% stake in the property from Residential Ventures for $2 million in December. He then invested $500,000 to renovate the building, which led to a surge in interest among potential tenants. Within six months, he secured 10 new leases and improved occupancy rates.

    The key to securing a traditional loan was to improve the property's value. By June, Sjodin had refinanced the property with a $2.5 million loan from Blue Federal Credit Union. Residential Ventures sold its remaining 40% stake for $600,000, assuming $1.9 million in debt.

    The deal was facilitated by Pinnacle Real Estate Advisors broker Jamie Mitchell, who noted that the unique structure of the transaction relied heavily on Sjodin's confidence in the project and the good will between buyer and seller.

    Sjodin plans to maintain the property as an office building for now, but anticipates it will eventually be redeveloped due to its location. He has a separate real estate fund focused on other projects and started Ascent Real Estate Partners after the pandemic.