Investments

UNDER NEW MANAGEMENT, THE BREAKERS REBRANDS AS TAVA WATERS

Denver’s Premier Multifamily Community Gets New Name, Substantial Amenity and Interior Unit Upgrades

(Denver, Colo.) – March 16, 2017 – The Breakers Resort, long known as one of the most dynamic apartment communities in Colorado, is shedding its skin, unveiling a new identity and new name to go along with new ownership. Michael Stein, Founding Partner of Pensam Residential, announced today at the Colorado Real Estate Journal Spring 2017 Multifamily Development & Investment Conference, that The Breakers Resort will be rebranded as TAVA Waters.

As the largest physical asset in metro Denver offering a nearly 190-acre site which spans 1,523 units among six villages, a privately-owned lake and a 26,000-square-foot recreation center located within minutes of downtown Denver and Cherry Creek, The Breakers has been a multifamily icon in Denver for nearly three decades. Under the new ownership of Pensam Residential – with continued involvement of Koelbel and Company who will stay on as a minority owner – The Breakers is undergoing a large three-phased value-add strategy to enhance the property as a true twenty-first century lifestyle community. The first phase is the rebranding to TAVA Waters, complete with new name, logo, and website.

“The rebranding of The Breakers to TAVA Waters is the first step in taking the original vision of the community and bringing it into the future – modernizing while staying true to our roots,” said Michael Stein, Founding Partner of Pensam Residential. “Our focus is on appealing to the next generation of residents – those looking for a community that offers a convenient, holistic lifestyle rooted in Denver adventure.”

To lead the brand refresh, Pensam Residential engaged G5, an agency based in Bend, Oregon, that specializes in digital marketing for real estate companies.
“Named by the Ute Indians, ‘TAVA’ was the original name of Pikes Peak, and means ‘sun.’ We saw great value in connecting the community with this important piece of Denver’s history and respect of the landscape in one short, visually impactful word,” said Mackenzie Craven, Director of Creative Services at G5. “The original resort will always be ingrained in the community, so it was important the new brand pays homage to and plays up the uniqueness of lakeside living – which is where ‘Waters’ came in.”

The new logo is aesthetically reminiscent of peaks and valleys, rolling foothills and other natural elements (greenery, sky, water) that will be key elements of Pensam Residential’s other value add phases: interior upgrades that bring the outdoors in, and amenity upgrades that include activating the lake area with additional waterfront activities and reconfiguring existing amenities to the active, outdoor lifestyle.

“This is a threshold moment in the evolution of The Breakers and I think the name TAVA Waters both represents the rich history of the community and serves as a catalyst for its future,” said Koelbel and Company President, Walter A. ‘Buz’ Koelbel, Jr.

With the first value add phase complete with today’s launch of the new branding and the new website, phases two and three of the TAVA Waters overhaul are also underway. Interior unit upgrades have already begun, with plans for 25 to 35 units to be upgraded each month over the next 18 months. Upgrades include new finishes such as stainless steel appliances, quartz countertops and faux wood floors; Nest Thermostats; Kevo Bluetooth Door Locks; Google Home devices; and water saving faucets, toilets, and shower-heads.

Pensam Development successfully closed on the purchase of Palmetto Fort, a +/- 206 acre single family home development site within Charleston county, South Carolina. This is one of the last large waterfront tracts of undeveloped land in the area.