The Lodge · A Dynamic Website with Investor-Modified Sensitivities
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Authorized recipients only. For access, contact Daniel H. Otis · danotis@brickstonepartners.com
1. Net to the LP after an 8% cumulative preferred return and a 20% GP promote; base case (rents hold at $1,495 in 2026/27, +$245/bed 2027/28, +$170 2028/29, 3.9% growth thereafter · 5.0% economic vacancy & loss · 5.70% exit cap · targeted sale month 40). Cash-on-cash reflects operating cash flow after debt service (Year 1 is a net capital call; distributions commence in Year 2). Projections only, actual results will differ. 2. Tax-benefit figures assume 100% bonus depreciation, current usability of passive losses and a 1031 exchange at sale (a fully-taxed sale models to 17.7% IRR / 1.58x); not tax advice. 3. Total cash distributed to Brickstone investors from this asset alone since the December 2015 acquisition; sponsor records, unaudited.
A five-minute walk from the University of Colorado, The Lodge is a 220-unit, 371-bed student-housing community being recapitalized around a clear value-add plan: a $6.05M program executed entirely in Year 1 — a brand-new 5,000 SF clubhouse and amenity barn (online for Fall-2027 leasing), in-unit improvements (new flooring and countertops throughout), and exterior cosmetic upgrades — funding a $245/bed rent step in 2027/28 and a further $170 in 2028/29.
The opportunity is rare: a proven, fully renovated core asset at a post-reset basis, with in-place rents roughly $357 per bed below market. Brickstone has distributed $51.7 million to investors from this asset alone so far. The Lodge has been among Brickstone’s best-performing holdings since 2015 — the initial investment returned a 53.8% IRR and 3.8× equity multiple, and the asset has since been through two successful full-cycle recapitalizations (2019 and 2022) that returned strong profits to investors while Brickstone retained ownership. Brickstone acquired the full interest of the institutional partner that held ~70% since 2018 — whose drive for early lease-up kept rents below market — and now recapitalizes the asset with new capital and invests $4,000,000 alongside the LPs, retaining an ~8% interest in the deal.
The recapitalization also carries highly advantageous tax treatment: 100% bonus depreciation is currently expected to generate significant non-cash deductions — a hypothetical $1 million investment is currently modeled to be allocated roughly $721,000 of non-cash losses in Year 1; the actual timing and amount of any tax benefits will depend on final structuring and each investor’s particular tax situation.
Opportunistic yields from a core, pedestrian asset in one of the best markets in the country — in-place rents of $1,495 per bed sit well below a $1,856 newer-vintage comp average and a $1,985 Year-3 average rent (+$245/bed in 2027/28, +$170 in 2028/29, plus 3.9% organic growth), on fixed-rate financing at low leverage. Embedded redevelopment optionality on the five-acre site allows for a new 544-bed community — a net +389 beds to the site — on roughly half of the existing land, unlocking a development site valued at more than $50 million, subject to the City of Boulder’s entitlement process. Brickstone brings significant Boulder experience, having completed more than $1 billion of total investment in the market since 2008.
Underwriting assumptions: rent growth 3.9% per year from Year 3 · operating-expense growth 3.0% per year · economic vacancy & loss 5.0% per year (vacancy, concessions & credit loss) · exit cap rate 5.70% at a targeted month-40 sale. Returns are projections, net to LP after an 8% preferred return and 80/20 promote; actual results will differ.
This is a live replica of Brickstone’s recapitalization model — the same engine that produces the OM’s published figures. Move any assumption and every return recomputes through the full waterfall: 8% cumulative preferred, pro-rata return of capital, then an 80/20 residual split. Projections only — actual results will differ.
Base case = OM underwriting (V5 final).
Waterfall: 8% cumulative, compounding preferred (pro-rata to LP ~92% / GP ~8% capital) → pro-rata return of capital → residual 80% LP / 20% GP. Asset-management fee (30 bps, growing 3%/yr) is paid from a reserve funded at close and sized through the sale date — no fee from operations. After-tax figures assume 100% bonus depreciation on a 25/13/62 cost-segregation of the $86M depreciable acquisition basis plus Year-1 capex classes, 40.8% ordinary rate, and current usability of passive losses; not tax advice.
After the commercial real estate reset of the last three years, The Lodge offers a rare entry into a proven core asset owned by the sponsor for more than a decade — recapitalized at $94 million today, down from a $130 million valuation in 2022 — a basis that prices in the correction, not the peak.
The previous institutional partner desired early lease-up in lieu of driving rents to market, rendering in-place rents roughly $357 per bed below market. The near-campus set leases from $1,666 (Union Baseline) to $2,279 (CORE’s Hub) and $2,315 (Parker Off Pearl) — all well above The Lodge; an organic mark-to-market is available with a disciplined fall-2027 lease-up.
Brickstone has owned The Lodge more than 11 years, completing two full-cycle recapitalizations (2019 and 2022) that delivered strong profits to investors while retaining the asset. The initial investment generated a 53.8% IRR and 3.8× equity multiple, with >95% occupancy every year.
The new $51M agency senior loan is fixed at 6.00% and interest-only for its full five-year term at a conservative ~54% LTV — fixed-rate debt removes rate exposure through the value-add window and the targeted month-40 sale, and low leverage preserves operating cash flow. The value-add program is fully equity-funded at close — the plan does not depend on operating cash flow.
Underwriting holds up even in a punitive low case: a 100 bp wider 6.70% exit cap and rents $100/bed below plan would still model to approximately a 7.5% net LP IRR, before any tax benefit. The below-market reversion — not cap-rate compression or heroic growth — drives the outcome.
Boulder is among the most development-constrained markets in the country — height and density limits, annual residential-permit caps and structural scarcity — and The Lodge sits a five-minute walk from CU Boulder.
100% bonus depreciation is projected to generate roughly $36M of non-cash K-1 losses in Year 1 — approximately 72% of invested equity. A hypothetical $1M investment receives ~$721K of non-cash losses in Year 1, lifting the modeled average after-tax cash yield to 14.0% (vs. 6.1% pre-tax). Investors must rely solely on their own tax advisers.
Deployed at closing: a full unit refresh (new flooring and quartz countertops, ~$11K/unit; $2.42M), parking, landscaping and new boilers ($0.50M), a purpose-built 5,000 SF clubhouse and amenity barn ($2.30M) — online for Fall-2027 leasing — plus exterior cosmetic upgrades ($0.83M). Together they support the +$245 and +$170 rent steps in 2027/28 and 2028/29. Limited construction risk: amenity-focused, not ground-up.
The Lodge endures for one reason: it is the address students choose first — fully furnished quality living a five-minute walk from CU Boulder, priced below everything around it.
Owned, operated and reinvested by Brickstone for over a decade — $17M+ of capital, two full-cycle recapitalizations (2019 and 2022), and 95%+ occupancy every single year. Interiors nearly new, sprinklered throughout, fully furnished — a stewarded holding the sponsor knows building by building, not a trade.
Irreplaceable land a short walk from the University of Colorado, in one of the most development-constrained markets in the country. They are not making more of this — and the City of Boulder makes certain of it.
The Lodge leases first and stays full because it offers the best living just off campus at a rent the market cannot match — in-place rents sit roughly $357 per bed below the competitive set, leaving real pricing power to compound.
Two three-story buildings around a central pool and clubhouse on a 5.1-acre site, 0.1 miles from campus. Concrete-and-steel construction delivers the durability and quiet that distinguish The Lodge from its wood-framed competitive set — at an in-place rent of $1,495 per bed and >95% occupancy.
In-place rents of $1,495/bed sit well below the near-campus comp set, where CORE’s Hub Boulder ($2,279), Parker Off Pearl ($2,315) and Union Baseline ($1,666) all clear The Lodge. Rents hold steady in 2026/27, then step +$245/bed in 2027/28 and +$170 in 2028/29 — with 3.9% organic growth lifting the Year-3 average to $1,985 — the single highest-conviction component of the plan.
The full program deploys at closing: interiors are refreshed with new flooring and quartz countertops, parking, landscaping and boilers are upgraded, and a new purpose-built clubhouse and amenity barn — pool, sauna, pickleball, grills and FF&E — is delivered in Year 1, online for Fall-2027 leasing, reinforcing the rent reversion and premium pricing.
Five acres in the heart of Boulder carry embedded density under the site’s existing RH-5 zoning, subject to the City of Boulder’s entitlement process — detailed in the Redevelopment section below.
| Value-Add Capital Plan | |
|---|---|
| Interior renovation — flooring & quartz ($11K/unit × 220) | $2.42M |
| Parking, landscape & new boilers | $0.50M |
| Clubhouse building & FF&E — online Fall 2027 | $2.30M |
| Exterior cosmetic upgrades | $0.83M |
| Total CapEx — all deployed Year 1 (cash-funded) | $6.05M |
Rent plan under current underwriting assumptions: in-place $1,495/bed holds in 2026/27, +$245 in 2027/28 ($1,740), +$170 in 2028/29 ($1,910), with 3.9% organic growth lifting the Year-3 average to $1,985 and continuing thereafter. Business-plan elements subject to change based on market, cost, regulatory and other conditions.
Renovated interiors with new flooring, quartz and stainless appliances — fully furnished and steps from campus, with Flatiron and mountain views from many homes. The new clubhouse, pool and amenity program comes online for Fall-2027 leasing.
Renderings shown; final design subject to entitlement. Actual design and scope may differ materially or may not be implemented. We plan to tear down the existing clubhouse and build the new version along with a new pool, FF&E and other exterior upgrades.
The Lodge’s in-place rent of $1,495 per bed sits below the average of both its newer-vintage ($1,856) and older-vintage ($1,644) competitive sets. The spread is stark at both ends of the market — this reflects the prior institutional owner’s drive for early, full lease-up, and it forms the basis for the mark-to-market opportunity.
| Competitive Set | Year | Beds | Rent / Bed | vs. Lodge |
|---|
Source: Newmark Student Housing rent-comparable survey (2025–2026 academic year), leased rent per bed; “vs. Lodge” is the per-bed premium over The Lodge’s in-place rent. Projected rents are estimates and not a guarantee.
Returns were stress-tested across the two variables that matter most — the exit capitalization rate and the stabilized rent level. The live matrix below is computed by the same engine as the model above; the published OM row is marked.
Net LP IRR / MOIC after pref and promote, at the targeted month-40 sale; the exit cap is applied to forward 12-month NOI at sale; base case 5.70%. The deal still clears a mid-teens net LP IRR 50 bps wide of base, before any tax benefit.
Even in the punitive low case — a 100 bp wider 6.70% exit cap and rents $100/bed below plan — the recapitalization still models to a ~7.5% net LP IRR (~1.3x), before any tax benefit. The below-market rent reversion, not cap-rate compression, drives the outcome. The live matrix extends to a 7.00% cap for further stress-testing.
Computed live by the on-page engine at base assumptions otherwise; the outlined cell is the OM base case. Full sensitivity matrices are available upon request. For discussion purposes only; projections are not a guarantee of future results.
The One Big Beautiful Bill currently provides for 100% bonus depreciation on large portions of the building. Through a cost-segregation study, the partnership expects to pass through roughly $36 million of non-cash losses in Year 1 — approximately 72% of invested equity, or about $721,000 per $1 million invested — distributed on your Schedule K-1.
The availability and magnitude of any bonus depreciation or other tax benefits will depend on future tax law, IRS guidance, cost-segregation results, and each investor’s tax profile, including passive activity and at-risk limitations. Figures assume basis step-up structuring; a fully-taxed sale models to 17.8% IRR / 1.59x; Colorado state tax not modeled. Investors must rely solely on their own tax advisers. Not tax advice.
| Basis | Net LP IRR | Net LP Multiple | Avg Cash-on-Cash |
|---|---|---|---|
| Pre-Tax | 19.1% | 1.75x | 6.1% |
| With Tax Benefit — 1031 at sale | 29.0% | 2.10x | 14.0% |
| Variant — fully-taxed sale | 17.7% | 1.58x | — |
| Benchmark — same deal, no depreciation shelter | 13.4% | 1.50x | 3.6% |
Returns are net to the LP over the targeted ~40-month hold, after an 8% cumulative preferred return and a 20% GP promote. Tax-benefit figures assume 100% bonus depreciation, current usability of passive losses and a 1031 exchange at sale. Year 1 is a net capital call as the full $6.05M program is deployed (equity-funded in the commitment at close); cash distributions commence in Year 2, with the preferred return accruing from close. Cash-on-cash reflects operating cash flow after debt service, excluding Year-1 capex. Actual returns are likely to differ, potentially materially, and no assurance is given that such returns will be achieved.
8% cumulative, compounding preferred return, paid pro-rata to LP and GP capital.
Pro-rata return of contributed capital to LP (~92%) and GP (~8%).
Remaining proceeds split 80% to LP / 20% to GP (Brickstone promote) after the preferred return and return of capital.
| Metric | Pre-Tax | With Tax Benefit (1031) |
|---|---|---|
| Recap equity invested | $50.9M ($46.9M LP / $4.0M GP) | — |
| Net LP IRR / MOIC | 19.1% / 1.75x | 29.0% / 2.10x |
| Project-level IRR / MOIC (pre-promote) | 20.6% / 1.82x | — |
| Net LP profit ($) | $33.7M | — |
| Avg cash-on-cash | 6.1% | 14.0% |
Net LP figures are after the 8% cumulative, compounding preferred return, pro-rata return of capital and 20% GP promote; project-level figures are levered, pre-promote. All figures from the recapitalization model (July 2026), base case; projections only.
Opens an email to investor relations — or call Daniel H. Otis directly at 303.815.6705.
| Itemized Fees & GP Costs | |
|---|---|
| Asset-management fee (annual) — on the $94.0M recap valuation, growing 3%/yr · paid from a $974,350 reserve funded at close — no fee paid from operations | 30 bps |
| GP promote (after 8% pref + return of capital) | 20% of residual |
| Acquisition / disposition / financing fees | None |
Brickstone co-invests ~8% of the recap equity ($4.0M cash) alongside LP capital ($46.9M, ~92%) — sponsor and investor dollars side by side. The $974,350 asset-management reserve funded at close is sized to exact disbursements through the targeted month-40 sale — no asset-management fee is paid from operating cash flow.
The new agency senior loan is fixed at 6.00% and interest-only for its full five-year term at ~54% LTV — the targeted month-40 sale falls inside the loan term, so no refinancing is assumed; yield maintenance (~$1.61M) is underwritten at sale. No mezzanine debt — a single, low-cost senior loan funds the recapitalization.
| Uses | |
|---|---|
| Asset acquisition (imputed value) | $94.00M |
| Value-add CapEx — all Year 1 | $6.05M |
| AM-fee reserve (through targeted sale) | $0.97M |
| Agency origination & lender legal (1.0%) | $0.51M |
| Partnership / securities legal | $0.25M |
| Title, escrow, third-party reports & cost seg | $0.11M |
| Total Uses | $101.89M |
| Sources | |
| Agency senior loan (6.00% I/O, 5-yr) | $51.00M · 50.1% |
| LP equity (~92%) | $46.89M · 46.0% |
| GP equity — Brickstone cash | $4.00M · 3.9% |
| Total Sources | $101.89M |
CapEx and the asset-management-fee reserve are funded in the equity commitment at close; capex is drawn during Year 1. Title, escrow & recording $50K · third-party reports $40K · cost-segregation study $20K.
DSCR on the $51M I/O loan at 6.00%; yield on cost on the $99.22M all-in basis. Underwriting years 1–5; targeted sale occurs in Year 4 (month 40).
Net operating income grows from an in-place $5.06M in Year 1 to $7.29M by Year 3 — roughly +44% over in-place, driven first by the below-market rent reversion, then by the value-add program — lifting yield-on-cost from 5.06% to 7.29%.
| FY2022A | FY2023A | FY2024A | FY2025A | FY2026F | UW Yr 1 | UW Yr 2 | UW Yr 3 | |
|---|---|---|---|---|---|---|---|---|
| Physical occupancy | 100% | 98.2% | 99.4% | 98.2% | 95.6% | 5.0% economic vacancy & loss underwritten | ||
| Rent / bed / month | $1,138 | $1,254 | $1,353 | $1,424 | $1,500 | $1,495 | $1,740 | $1,985 |
| Total income / EGI | $5.75M | $6.40M | $6.83M | $7.00M | $7.26M | $7.09M | $8.38M | $9.45M |
| Operating expenses | $1.44M | $1.52M | $1.82M | $2.04M | $2.11M | $2.03M | $2.09M | $2.16M |
| Net operating income | $4.31M | $4.89M | $5.00M | $4.96M | $5.14M | $5.06M | $6.28M | $7.29M |
| NOI margin | 74.9% | 76.3% | 73.3% | 70.9% | 70.9% | 71.4% | 75.0% | 77.2% |
Historicals from the asset-management model; FY26 = forecast with Q1-26 actuals. UW Yr-1 GPR ties to the FY26 budget (~$1,500 effective); the 5.0% economic-loss line maps to historical vacancy + non-revenue + concessions + bad debt (FY25 8.8% / FY26F 7.4%); UW Yr-1 NOI $5.06M vs. FY27F $5.41M — cushion retained. Unaudited, sponsor-prepared.
| Unit Type | Units | Beds | In-Place / Unit | In-Place / Bed | Yr-3 / Unit | Yr-3 / Bed |
|---|
Left columns: existing in-place leased rents (2025–26). Right columns: projected Year-3 rents after a +$245/bed increase (Fall 2027), a +$170 increase (Fall 2028) and 3.9% organic growth, to a $1,985/bed average. Projected rents; actual achieved rents may be higher or lower. Source: Newmark Student Housing; Brickstone underwriting.
Brickstone’s proposed redevelopment of the west portion of The Lodge site — future rendering; subject to entitlement.
The property today is two three-story buildings — an “I”-shaped and a “U”-shaped building — separated by a surface parking lot, a rare opportunity to materially increase density. Ownership has outlined a plan to demolish the “I”-building and construct a new five-story community on ~2.5 acres, delivering 544 beds / 132 units, while the “U”-building stays operational throughout construction.
A 260-space subterranean garage — sited outside the 100-year floodplain — preserves parking ratios while freeing surface land for higher-density use; the U-building retains 116 surface spaces. Best-in-class amenities, including a clubhouse and rooftop pool overlooking the Flatirons, elevate the asset’s competitive position.
The contemplated density and uses are consistent with the site’s existing RH-5 zoning — no rezoning is being sought. The plan remains subject to the City of Boulder’s full entitlement process, including development review and permitting. Brickstone has completed a pre-application review with the City and received positive feedback, and intends to begin the formal process immediately upon closing. Newmark’s National Student Housing team has provided an indicative, non-binding estimate that a development site of this size could be valued at approximately $52 million; this is not an appraisal or a guarantee of value.
| Proposed Building | Units | Beds | Unit SF |
|---|---|---|---|
| 2 BR | 24 | 48 | 700 |
| 3 BR | 18 | 54 | 945 |
| 4 BR | 18 | 72 | 1,185 |
| 5 BR | 42 | 210 | 1,430 |
| 5 BR Corner | 20 | 100 | 1,525 |
| 6 BR Corner | 10 | 60 | 1,775 |
| Proposed total | 132 | 544 | 163,450 SF |
| Combined (U + proposed) | 280 | 760 | 248,718 SF |
The redevelopment is upside, not underwritten in base-case returns; the asset performs as a stabilized hold without it. There can be no assurance that any redevelopment will be approved, commenced, or completed on the timeline or terms described herein, if at all. Renderings are illustrative only.
The Lodge sits a five-minute walk from the University of Colorado Boulder, beneath the Flatirons — with everyday retail, dining and parks at the doorstep.
Per Newmark Student Housing, only one student-housing development is currently under construction in the CU Boulder market — The Standard at Boulder (Landmark), delivering Fall 2027. With roughly a quarter of students housed on campus, approximately 29,000 require off-campus housing. Boulder’s height and density limits, annual residential-permit caps and open-space greenbelt produce persistent scarcity across every asset class.
Approximately 2,000 additional beds sit in planning stages around CU Boulder — most facing the same entitlement and permit constraints. Landmark’s 900+ bed community (Fall 2027) appears priced well in excess of $2,000 per bed — above and outside The Lodge’s competitive set — a tailwind that lifts the market’s rent ceiling.
Established in 1876 against the foothills of the Rocky Mountains, CU Boulder is one of the premier public research universities in the United States — an R1 “very high research activity” institution spanning nine colleges and schools, more than 3,800 courses across 150 fields of study, and a student body drawn from all 50 states and over 100 countries.
Home to CIRES, the Laboratory for Atmospheric & Space Physics (LASP) and the BioFrontiers Institute. The Colorado Buffaloes compete in NCAA Division I as members of the Big 12 — anchoring school spirit, alumni engagement and sustained off-campus housing demand.
With roughly 9,534 on-campus beds against nearly 39,000 students, the overwhelming majority of upperclassmen live off campus — sustaining durable demand for well-located assets like The Lodge. Enrollment has grown roughly 25% over the past decade.
Boulder’s open-space program has preserved more than 45,000 acres of land. Chautauqua Park — a National Historic Landmark — anchors a network of trails into the Flatirons, while the Boulder Creek Path threads the city. That preservation ethos also constrains new development, reinforcing scarcity across every asset class.
Boulder is a hub of entrepreneurship and clean technology — home to a significant Google presence and the National Renewable Energy Laboratory (NREL), with CU Boulder’s research capabilities catalyzing collaboration between academia and industry.
The following discussion is summary in nature and does not purport to describe all of the risks associated with the proposed investment.
The landscape is changing quickly, but we believe students will continue to invest in their education at “experiential” universities such as CU Boulder and other top-tier institutions.
Capturing the below-market mark-to-market depends on the 2026–2028 leasing cycles, and softer student demand could slow it. Mitigated by rents already ~$357/bed below the comp set and 95%+ occupancy every year since 2014.
The plan is consistent with the site’s existing RH-5 zoning and has cleared a pre-application review with positive City feedback; however, it remains subject to the City of Boulder’s full entitlement process — development review, permitting and timing are uncertain. The redevelopment is upside, not underwritten in base-case returns; the asset performs as a stabilized hold without it. There can be no assurance that any redevelopment will be approved, commenced, or completed on the timeline or terms described herein, if at all.
The clubhouse, pool and exterior program carries cost and timing risk. Scope is limited and amenity-focused (no ground-up), interiors are recently renovated, and the budget reflects firm bids with no contingency reserve — overruns, if any, would be funded from operating cash flow.
The $51M senior loan is fixed at 6.00% and interest-only for its full five-year term at a conservative ~54% LTV; the targeted month-40 sale falls inside the loan term, so no refinancing is assumed. Yield maintenance on the early payoff (~$1.6M) is underwritten; a hold beyond the loan term would require refinancing at then-market rates.
Landmark’s 900+ bedroom community (delivering fall 2027) is the only new project currently under construction. Its pricing is unreleased but appears set well in excess of $2,000 per bed — above and outside our competitive set — a tailwind that lifts the market’s rent ceiling. Roughly 2,000 additional beds sit in various planning stages and may or may not be built, while Boulder’s height, density and permit limits continue to cap realized supply.
Colorado has enacted increasingly tenant-favorable legislation over the past three years (eviction, fee and just-cause measures). Student housing leased by the bed with parental guaranties is comparatively insulated, and Brickstone’s long Colorado operating history positions it to adapt as rules evolve.
Both markets have absorbed a historic reset over the past three years, driven largely by elevated new supply. As of Q4 2025 Boulder vacancy appears to be tightening with positive absorption, and Denver is improving gradually as of Q1 2026.
| Project | Type | Avg. C/C | IRR | Multiple |
|---|
Brickstone Partners Boulder historic performance and projected yields. Unaudited and sponsor-prepared. The Lodge was acquired December 2015 and recapitalized March 2019 and July 2022. Active-property projections assume a 7-year run period, 3.8% annual rent growth, 3.0% expense growth and a 5.5% exit cap. Past performance is not indicative of future results; Delta House figures are an estimate based on older data and have not been independently verified.
Founded in 2001, Brickstone Partners has directly completed more than $1 billion of multifamily, student housing, retail and office investment and development deals — pursuing opportunities with an asymmetry of risk and reward: opportunistic yield with less risk than normal. Brickstone has owned and operated The Lodge since 2015, through two full-cycle recapitalizations and more than $17 million of reinvestment.
Founded Brickstone at age 20 while in college. More than $1B of investment and development deals; opportunistic yields to investors; capital from some of the largest family offices and institutions in the world. USAF veteran · Division I pole vaulter · aviator (fixed-wing & helicopters) · piano 30+ years · past boards, Folds of Honor & AOPA. North Dakota State ’05; Harvard Real Estate ’10 & ’13.
303.815.6705 · danotis@brickstonepartners.com
20+ years of senior finance leadership. Prior: CFO of Highland Ventures (family office, 33+ acquisitions across 16 states); HealthTrust — helped coordinate a subsidiary sale to Blackstone; Landmark Properties — fund management and investor reporting across a $7B+ student-housing platform, primary finance contact for sovereign-wealth equity partners. MBA & BBA, Mercer; licensed CPA (TN); Nashville.
Founder & managing principal, STUDIO Development Services; licensed architect and founder of STUDIO Architecture. 25+ years · 1.5M+ SF delivered · 500+ residences; 300+ apartment units delivered with Brickstone in Boulder. M.Arch, CU Boulder — first in class; City of Boulder Design Advisory Board; ULI · AIA · NCARB.
President of House of Wilson — the family office of the Wilson family, founders of lululemon — overseeing investments, tax, legal, governance and the Wilson 5 Foundation. Boards: Stonebridge, Low Tide Properties, SOLVE FSHD, Brickstone Properties. Formerly President & CIO, Copford Capital. YPO · Family Office Principals. MBA, UVA; BBA, TCU — magna cum laude.
CEO of The Castalian Company, a private holding company owning and building exceptional businesses with strategic investments across public and private markets. Founded Castalian Partners in 2016 — grown to $200M+ managed for high-net-worth and institutional investors, known for rigorous fundamental research — after a decade as a research analyst at Punch & Associates. Chairman, Willmar Stingers; Director, Bespoken Spirits. University of St. Thomas; Orono, Minnesota.
For definitive offering documents, the full sensitivity matrices, or to discuss the opportunity directly:
Daniel H. Otis · Principal
303.815.6705 · danotis@brickstonepartners.com
investorrelations@brickstonepartners.com