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Heir Development

Acquisition criteria

The core box — and what we still read.

Class A, 200–350 doors, in Cherry Creek, Cherry Hills, DTC, and Douglas County is the center of the hunt. Class B in those same corridors is worth sending. If it is not a hold for Heir, Justin will say so quickly — and may introduce another buyer who wants the asset.
Buyer
Heir Development LLC — Justin Mullins, principal. Deals may close as principal, in a joint venture, with a syndication, or alongside a key principal when that is what it takes to get the asset closed.
Asset
Class A / A− preferred. Class B in the named submarkets is reviewed — not dismissed.
Units
200–350 doors is the core box. Smaller or larger is considered when the location and basis are right.
Geography
Focus: Cherry Creek; Cherry Hills–Greenwood Village; Denver Tech Center; Douglas County (Highlands Ranch, Lone Tree, Castle Pines, Parker). Other Denver-metro product is still worth a look.
Vintage
2012 or newer preferred. Older product considered with a defined, limited capex plan.
Occupancy
Stabilized preferred. Selective lease-up in the named submarkets.
Tenancy
Conventional market-rate. Student, hotel, and age-restricted only if the story is exceptional.
Ownership
Fee simple preferred. Condominium regimes, ground leases, and heavy mixed-use are a harder look, not an automatic pass.
Capital
All-cash, agency / life-company leverage, JV, or a syndication / key-principal partner. Proof of funds on request.
Hold
Core and core-plus. Long-term hold when we buy for the portfolio. Introductions to other buyers when we do not.
Timing
Underwriting in 7–10 business days. Close in 45–60 days with customary diligence.
Brokerage
Exclusive listing brokers are protected. Compensation is confirmed in writing before an LOI is issued. We will execute the listing CA when you send one — we do not require our own NDA to receive a book.

Outside the core box

Still send it.

A pass from Heir is not always the end of the call. Class B and other product outside the preferred box is reviewed. If it is a better fit for another principal, Justin can make the introduction — with the listing broker protected.

  • Class C and heavy value-add in high-supply corridors (Aurora, DIA, far-east I-70) — still send it; we may introduce another buyer
  • Student housing, senior-only, and hospitality, unless the location is exceptional
  • Assets well inside 80 units, or well above 450, unless the submarket is strong
  • Heavy retail or office mixed-use where the residential is not the story
  • Teasers with no rent roll, T-12, or a path to an exclusive — a complete book gets a faster read

Process

How an offering is read.

  1. 01

    Send the book

    OM, trailing-12, rent roll, and a unit mix. No buyer NDA required. If you have a listing CA, we will sign it.

  2. 02

    We read it

    Justin reviews every complete offering — Class A in the core box first, Class B and adjacent product as well.

  3. 03

    Capital

    Proof of funds, a partner introduction, or a term sheet on request. Structure follows the deal: principal, JV, or syndication.

  4. 04

    LOI

    A clean letter of intent. Justin is the relationship. The closing entity may be Heir Development LLC or a partnership formed for the asset.

Underwriting typically takes 7–10 business days from a complete book. A customary close is 45–60 days. Diligence is real: we will walk the asset, read the leases, and open the capex. We do not reopen price on a whim after an LOI is executed.

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