deck

2. Pitch Deck (15 slides)

Slide 1 - Cover (LAVisions layout)layout: title_hero · 16:9
Marlowe Yard
A 48-home boutique condominium in Denver's RiNo.
Slide 2 - Problem (LAVisions layout)layout: problem_split · 16:9
the problem
Denver builds rentals while buyers want to own
01
Demand keeps arriving
People keep moving to Denver for the jobs and the lifestyle. Most of them want to buy, not rent, and the city is not building homes to buy.
02
Supply runs the other way
Almost all new construction in the core submarkets is rental. The for-sale product that exists is older, smaller, or already gone.
03
RiNo has no boutique product
A buyer who wants a well-built condo in the art district has nowhere to spend. They settle for a resale or leave the neighborhood.
$1,300/sqft
What new condos already clear in premium RiNo and LoHi. Marlowe prices below that, at $1,176, with larger and better-built homes.
Price support
Slide 3 - Solution (LAVisions layout)layout: solution_image_left · 16:9
the solution
Forty-eight homes on a RiNo corner
Six storeys of brick and glass, with a ground-floor lobby, resident amenity and 60 structured parking spaces. Forty-eight homes across one, two and three-bedrooms and four penthouses, 61,360 net saleable square feet priced to clear at a $72.2M gross development value.
Slide 4 - Product (LAVisions layout)layout: product_split · 16:9
the product
One building, four home types
01
Two-bedrooms carry the plan
Twenty-six two-bedroom homes at 1,150 square feet, priced at $1,350,000. That is $35.1M of sales, close to half the scheme.
02
Three-bedrooms for the move-down buyer
Ten three-bedroom homes at 1,650 square feet, priced at $1,950,000. That is $19.5M, aimed at empty-nesters trading down from a house.
03
Penthouses set the top, one-beds fill the entry
Four penthouses at 2,300 square feet and $2,750,000 add $11.0M. Eight one-bedroom homes at $820,000 add $6.56M at the entry.
Forty-eight homes, $72.2M of sales, blended at $1,176 a square foot.
Slide 5 - How it Works (LAVisions layout)layout: how_it_works · 16:9
How it gets built and sold
From closing to sell-out in 32 months
Step 01
Close and entitle
Months 0 to 3. Land closes, entitlement finalizes, enabling works start and the sales gallery opens on site.
Step 02
Build
Months 3 to 25. Superstructure rises to topping-out, then fit-out. The work runs on a fixed-price contract with a 5 percent contingency.
Step 03
Pre-sell
Reservations open around month 6. We target about 55 percent of homes pre-sold before completion, which takes the risk out of the sell-out.
Step 04
Complete
Months 24 to 33. Homes reach practical completion floor by floor, and buyers move from reservation to closing as their unit finishes.
Step 05
Sell out and return capital
Closings weight to months 26 to 31, with full sell-out by month 33. Equity returns to investors progressively as each home settles.
One programme, pre-sold ahead of delivery, capital back as the homes close.
Slide 6 - Value Proposition (LAVisions layout)layout: value_prop · 16:9
Positioning
How a RiNo buyer shops today
Current Solutions
Resale condos
  • Established buildings
  • Dated finishes
  • Little supply in RiNo
  • Priced near new build
New rentals
  • Plentiful and new
  • Renting, not owning
  • No equity built
  • Most new supply is this
Suburban houses
  • More square footage
  • Outside the district
  • Car-dependent
  • Less urban, less walkable
  • Boutique for-sale, 48 homes
  • In RiNo, walk to light rail
  • Larger, better-specified homes
  • Priced below top comps at $1,176
Three compromises and one open space: own it, in RiNo, well built. Marlowe fills the gap.
Slide 7 - Features (LAVisions layout)layout: product_split · 16:9
Specification and amenity
Built to a boutique standard
01
Larger, better floorplans
Homes run from 720 to 2,300 square feet, above the RiNo average. Wide windows, real kitchens and storage that people actually use.
02
Ground-floor amenity
A staffed lobby, resident lounge and shared workspace on the ground floor. The building services buyers expect at this price.
03
Structured parking
Sixty spaces in a structured garage, more than one per home on average. Parking is scarce in RiNo and it holds value.
04
Energy and build quality
Brick and glass over an efficient envelope, with high-performance glazing and modern mechanicals. Lower running costs, quieter homes.
05
A real RiNo address
Steps from breweries, galleries and the 38th and Blake light-rail station. Walkable, transit-served, in the district people want.
Location and timing
RiNo is where Denver's demand is heading
01
In-migration keeps coming
Denver keeps drawing high earners for the jobs, the outdoors and the lifestyle. That demand lands hardest in walkable, central submarkets.
02
For-sale supply is short
New construction here is overwhelmingly rental. A buyer who wants to own a new home in RiNo has almost nothing to choose from.
03
The district arrived
RiNo went from warehouses to Denver's fastest-gentrifying submarket, with breweries, galleries, offices and light rail. Pricing follows that shift.
Demand and price
A supply gap priced by the comps
TAMSAMSOM
$1,300/sqftTop RiNo comp price
Premium RiNo and LoHi new condos, 2025
New condos in the best RiNo and LoHi projects clear $900 to $1,300 a square foot. Demand at that price is already proven.
$1,176/sqftMarlowe blended price
61,360 net saleable sqft across 48 homes
Marlowe prices below the top of the comp band, with larger and better-specified homes. Room to hold price or sell faster.
$72.2MGross development value
Full sell-out of all 48 homes
Forty-eight homes at a blended $1,176 a square foot, sold out over a 32-month programme.
Slide 9 - Business Model (LAVisions layout)layout: business_model · 16:9
business model
$18.8M profit on $53.3M of cost
Main income
Where the money goes
Total development cost is $53.3M: $11.0M land, $32.0M build, and the rest in fees, contingency, finance and sales. Against a $72.2M gross development value, that leaves $18.8M of profit.
Unit economics
Margin that carries risk
Profit runs at 35.3 percent on cost and 26.1 percent on gross development value. That margin absorbs a slower sell-out or softer pricing before investor capital is touched.
Slide 10 - Go To Market (LAVisions layout)layout: product_split · 16:9
Sales and absorption
Pre-sell first, then close on delivery
01
On-site sales gallery
A furnished gallery opens at closing, months before completion. Buyers walk the finishes and reserve off plan.
02
Brokerage network
Denver's residential brokers bring qualified buyers on a standard co-broke. They already know who wants to own in RiNo.
03
Pre-sales reservations
Reservations open around month 6 with deposits down. We target about 55 percent pre-sold before the first home completes.
04
Digital and listings
Portal listings, paid search and a project site carry the homes to out-of-state and move-up buyers. Steady lead flow at low cost.
05
Closings on completion
As each floor finishes, reservations convert to closings. Sales weight to months 26 to 31, with full sell-out by month 33.
Slide 11 - Team (LAVisions layout)layout: team_grid · 16:9
The development team
Built by people who have delivered in Denver
Ellis Barmore
Managing Partner, Sponsor
Twenty years developing for-sale housing across the Front Range. Delivered more than 600 condominium and townhome units in Denver, on budget and sold out.
Nadia Okafor Development Director Runs entitlement, budget and programme. Fifteen years managing ground-up multifamily and condo projects from land close to final closing. Reyes Construction General Contractor
The first five hires, funded by the seed
  • Denver mid-rise builder with a full book of brick-and-podium projects. Building Marlowe on a fixed-price contract with a 5 percent contingency.
  • Halden Studio
  • Architect
  • RiNo-based practice known for brick-and-glass infill. Designed the scheme to fit the corner and the district's character.
  • Priya Sandoval
Slide 12 - Competitive Advantage (LAVisions layout)layout: competitive_matrix · 16:9
Why Marlowe wins
A corner and a scheme others cannot copy
The open space is boutique for-sale, in the district
01
A secured RiNo corner with entitlement in hand. New sites at this quality are scarce and slow to assemble.
02
For-sale product where nearly all new supply is rental. Marlowe meets demand others are ignoring.
03
Larger, better-specified homes priced below the top of the comp band. Room to hold price or sell faster.
04
A local team that has delivered sold-out Denver condos before, on a fixed-price build.
For-sale, not rental
Boutique specification
Older resale
New rentals
Suburban new build
Marlowe Yard
Slide 13 - Roadmap (LAVisions layout)layout: roadmap_3phase · 16:9
Programme
Thirty-two months, one equity raise
2026
Phase 1
Start on site
Land closes, month 0
Entitlement finalized, month 2
Enabling works begin, month 3
Sales gallery opens, month 3
Reservations open, month 6
2027
Phase 2
Build and pre-sell
Superstructure to topping-out
Interior fit-out begins
Around 55 percent pre-sold
$16M LP equity fully drawn
Senior loan at peak, $32.0M
2028
Phase 3
Complete and sell out
Practical completion, month 25
Closings peak, months 26 to 31
Full sell-out by month 33
$72.2M of sales realized
LP capital returned at 1.7x
Slide 14 - Forecast (LAVisions layout)layout: forecast_kpi_chart · 16:9
Development cashflow
The 32-month picture
Gross Dev Value$72.2Mon completion
Total Dev Cost$53.3Mland, build & fees
Peak Equity$21.3Mpeak drawn
Development Profit$18.8Mat sell-out
Costs draw first: land at close, then construction through month 25. Sales revenue lands late, weighted to months 26 to 31, so peak equity of $21.3M sits in the ground before homes close. Sell-out brings in $72.2M and leaves $18.8M of profit.
Slide 15 - Ask (LAVisions layout)layout: ask_kpi_charts · 16:9
The ask
$32.0M of debt and $16M of equity into proven demand
Debt$32.0MSenior debt · 60% LTC · 44% LTGDV
Equity$16.0MLP equity · 26% net IRR · 1.7x
Term32 monthsFirst charge, repaid at sell-out
Use of funds · %
Cost allocation