Denver real estate investor purchases offices with creative financing

Sean Sjodin’s Unconventional $5.1 Million Purchase of a Denver Office Complex

Sean Sjodin, the head of Ascent Real Estate Partners, took a bold approach when he purchased a suburban-style office complex in Denver for $5.1 million. Facing challenges in securing traditional financing due to the property’s half-vacant and declining state, Sjodin decided to take matters into his own hands.

In December, Sjodin acquired a 60% stake in the 110,000-square-foot office complex at 6000 E. Evans Ave., investing $2 million. Determined to transform the property, he spent $500,000 on renovations after becoming the majority owner.

The strategic improvements paid off, with Sjodin securing 10 new leases within six months of the upgrades. The changing office market dynamics were reflected in the smaller lease agreements, with most tenants occupying less than 1,000 square feet.

By June, Sjodin successfully negotiated to purchase the remaining 40% stake from Residential Ventures for $600,000, in addition to assuming the remaining $1.9 million loan. The total cost of the property acquisition amounted to $5.1 million, a structure deemed unique by industry experts.

With a focus on maintaining the office building’s occupancy rate, which now stands at 73%, Sjodin anticipates future redevelopment opportunities in the East Evans area. While Residential Ventures exits the property with minimal impact, Sjodin’s unconventional approach has positioned him for success in a competitive market.