New Owners Grow AvenueWest Denver Managed Corporate Housing Franchise; Growth on New Franchisees’ Minds
Since 2001, Angela Healy worked for AvenueWest Corporate Housing in Denver – helping founders, Kimberly and Eric Smith, manage their financials and run the day-to-day operations. Angela was pivotal in helping AvenueWest grow and find success over the years – including early on in the business when the company took a financial hit in the failing economy. Over the years, Angela helped the Smiths create the AvenueWest Managed Corporate Housing Franchise model and even assisted with the on-boarding of the franchisee team in Colorado Springs.
Along the way, Angela learned that Kimberly and Eric’s long-term plans were to eventually franchise the Denver market.
“When I told Tim [my husband] that AvenueWest Denver was available for purchase as a franchise, he said, ‘Have you ever thought of us buying Denver?’ I’d been working in the business for so long that it made sense that I would be the perfect successor,” says Angela. “The best part was that my husband had always wanted to own a business – so it was truly the right fit for us to do together.”
Kimberly says that Angela was a natural fit to take over the business given her experience and deep corporate housing knowledge.
“Between her strong corporate housing background experience and Tim’s impressive business acumen and entrepreneurial desires, Eric and I knew they were the right team to take over the Denver market,” says Kimberly.
AvenueWest Denver Changes Hands
In 2010, the Healys officially purchased the AvenueWest Denver franchise, thus beginning their journey as corporate housing entrepreneurs.
After taking over AvenueWest Denver, the Healys became iron-focused on their mission: To match those seeking corporate housing in Denver with those offering furnished, short-term rental properties.
“We are lucky to live in Denver as we get to cater to a variety of people in need of corporate housing, from business professionals and traveling consultants to relocating employees, traveling healthcare professionals, on-assignment military personnel, traveling theater companies and more,” says Tim.
The State of Denver’s Corporate Housing Market
Angela and Tim add that Denver is traditionally a high-demand market for corporate housing, and they don’t see that changing anytime soon.
“While we are currently seeing a lot of clients sell their properties because it’s a hot seller’s market, at the same time we are adding new clients who are looking for a competitive advantage when it comes to managing and marketing their unique furnished properties available for rent,” says Angela.
One of the ways Angela and Tim say they maintain steady inventory throughout market fluctuations is by offering great customer service, competitive pricing, unique properties, and win-win partnerships with those who own properties in desirable locations.
“We manage about 30 properties in The Spire (891 14th St. Denver), an upscale condo community in downtown Denver that offers panoramic views of the city and resort-style amenities. We are able to offer these properties to discerning individuals and groups who want to experience Denver’s culture and vibrant downtown scene while traveling to the Mile High City,” says Tim.
Steep Learning Curve
While Tim had little corporate housing experience when he took over AvenueWest Denver in 2011, he says he has since undergone a steep learning curve.
“At first corporate housing was like speaking a foreign language,” he says, “But today it feels like a natural progression in my career and offers me the flexibility I desire to balance my family-life with my professional-life.”
Above all, Tim says that having AvenueWest as the backdrop of their franchise gives them the name recognition and instant trust in the industry.
“Partnering with an award-winning, well-respected name in corporate housing not only brings us high quality referrals, but also helps us solidify relationships with new prospects who have come to know and trust the AvenueWest brand for more than a decade,” says Tim.
There are so many magical holiday events around the Denver metro area perfect to celebrate the season and even bring in the new year! Here are a few fun events filled with holiday cheer to partake in this year:
Take the kiddos over to the Colorado Railroad Museum downtown this Saturday, December 21st for a train ride with Santa free with the price of admission. They will also be able to tell Santa what they want for Christmas this year.
The Denver Botanical Gardens in both locations (York Street and Chatfield) are abloom with bright lights to walk underneath and around. Warm beverages are available to make the chilly nights more bearable while looking at the beautiful lights. The Denver Zoo is also a great spot to walk around and look at thousands of lights. They also have warm beverages for purchase. The Butterfly Pavilion has their annual Living Lights celebration going on this upcoming weekend, December 20-22, December 27-29, and January 3-5 where you can experience the wonders of the butterflys and other insects while wandering beneath holiday lights both inside and outside.
This Saturday is also the last day to enjoy the Denver Christkindl Market located in downtown Denver along the 16th street mall and Skyline park. Experience the holidays with a German flair and find your loved ones unique, hand-crafted gifts.
There are so many free and inexpensive things to do around the Denver metro area this Holiday season for everyone! We hope that your Holidays are bright and filled with joy! 🙂
Denver, CO is home to the majestic Rocky Mountains and an urban metropolis that has tons of fun, social, and inexpensive activities to do all year long but the summertime events can’t be beat! Here is a list of more fun-filled, FREE events you can be a part of this month:
- Festival For Water: this FREE festival features live music, food trucks, and beverages in Civic Park on June 9th. The event is to spread awareness of the importance of water in the US and around the world.
- Denver Pridefest: come celebrate the local gay and lesbian community of Denver with this FREE weekend long event featuring a parade, food, live music, and dance at Civic Center Park June 15-17.
Cherry Blossom Festival: a celebration of Japanese-American culture, food, music and dance June 22-23 – FREE admission.
Littleton Historical Museum – see how the pioneers lived at this FREE, interactive museum in the heart of Littleton. There is an indoor museum as well as two different period homes; farms, a schoolhouse, animals and more! This is the perfect place to bring the whole family.
That wraps up the FREE events in June and other events that are FREE and available all summer long! Stay tuned next month for more FREE fun-filled events to do in the Denver Metro area. 🙂
Come on down to Denver where the sun is hotter and the air is thinner. Denverites enjoy spending the summer months outside, usually doing something active but the activities listed below include a wide variety of interests. We will be featuring different events every week since there are so many great things happening this summer in Denver!
Every Thursday, the Denver Museum of Nature and Science opens their doors for person’s 21 and up to enjoy cocktails while learning about a new topic each time. Tickets are $12 for non-members and $10 for members.
- FREE: First Friday Art Walk. These happen the First Friday of every month – June 7, July 5, August 2, and September 6. Experience artwork from galleries along the Sante Fe Art District (Along Sante Fe between 8th Avenue-12th Avenue). Most galleries offer drinks for free but do appreciate donations.
- Like movies? Well, there are a ton of great venues hosting outdoor movies this summer: Film on the Rocks,
Red Rocks Amphitheatre, Morrison, CO. Enjoy a hit movie while basking in the beautiful surroundings. Tickets are $12 in advance and $13 at the door. Before the movie, you will also enjoy either a comedian or band before the movie starts and audience contests; Southwest Movies at Skyline Park, Skyline Park, Downtown Denver, this event is FREE and is open to kids and pets; Larimer Square Summer Film Series, open to the public with the option to reserve a table ($20, per showing, per person) at one of 11 great restaurants within Larimer Square. Film nights are: June 6th, July 11th, August 1, and September 12th each with a different movie at 6 and at 8:30. All proceeds benefit participating non-profit organizations, Larimer Arts Association, and Denver Film Society; Civic Center Bike-In Movie Series, Civic Center Park, Downtown Denver. FREE and open to the public. Bike (or use other methods of transportation) to this free outdoor movie event! Bike racks will be provided. Dates are July 18, August 2, August 16, and September 13.
- Who doesn’t enjoy FREE live music? Check out the
Denver Day of Rock, this Saturday, May 25th all along the 16th Street Mall in Downtown Denver; City Park Jazz come experience live jazz music for FREE every Sunday night in June and July in City Park – 6-8pm Rain or Shine.
- Downtown Denver Arts Festival, May 24th-26th, Denver Performing Arts Complex. Come check out local art work while enjoying the sunshine this Memorial Day Weekend.
There are so many activities, so little time! Hopefully, everyone has a safe and happy Memorial Day Weekend! Stay tuned next week for even more fun-filled activities for you and your family to enjoy! 🙂
A recent article posted at NBCNews.com Business uses Zillow’s Break Even Horizon to determine the top 10 cities where renting is more economically sound than buying and how long it takes on average to break even if purchasing a home. This figure is calculated based on the net cost of purchasing a home vs. renting the same house. Here are the top 10 cities renting costs less than buying:
New York City, NY. Zillow Break Even Horizon: 5 Years; Zillow Rental Index: $2,016; Annual Change in Zillow Rent Index: 19.4%
Renting an apartment in the city would save more money than purchasing a home unless you were going to be living in NYC for more than 5 years. The average home price is $462,500. A 20% down payment is going to be $93,000 for a home this much and with the current rate of 3.277% and a 30 year fixed mortgage, you are looking at a monthly mortgage payment of $2,145 which is higher than the current rental index.
Seattle, WA. Zillow Break Even Horizon: 4.3 Years; Zillow Rental Index: $1,850; Annual Change in Zillow Rent Index: 4.7%
Waterfront property in Seattle averages about $392,200 as of December 2012.
Boston, MA. Zillow Break Even Horizon: 3.9 Years; Zillow Rental Index: $2,299; Annual Change in Zillow Rent Index: 11.3%
Based on 25 new single family homes for sale in Boston, MA, the average home costs $727,200. A 20% down payment is $145,000 with a 3.277% interest rate, your monthly mortgage payment would be $3,334. Renting in Boston on average would be a monthly savings of $1,035.
Washington, D.C. and San Francisco, CA tied for 4th for the amount of years it would take to break even if purchasing a home.
Washington, D.C. Zillow Break Even Horizon: 3.7 Years; Zillow Rental Index: $2,439; Annual Change in Zillow Rent Index: 7%
There has been an increase in new home development in the D.C. area. As of December last year, the average home cost $402,400 which is up by 10%.
San Francisco, CA. Zillow Break Even Horizon: 3.9 Years; Zillow Rental Index: $3,281; Annual Change in Zillow Rent Index: 12%
San Fran has seen an 18% increase in home sale prices year after year! Currently, the average home costs $770,600. A 20% down payment of $154,000 with the current interest rate of 3.277% would be a $3,529 monthly payment. By renting, you would save on average of $248 a month.
Portland, OR. Zillow Break Even Horizon: 3.6 Years; Zillow Rental Index: $1,423; Annual Change in Zillow Rent Index:
Portland has the most bike commuters in the U.S. Last year, 21.49% of homes sold were sold at a loss, but the average value of homes has risen 8.8% ($257,400).
San Diego, CA. Zillow Break Even Horizon: 3.4 Years; Zillow Rental Index: $2,116; Annual Change in Zillow Rent Index: 2.9%
The average San Diego home value is up 11% making the average home $404,100.
Los Angeles, CA and San Jose, CA tied for 7th place based upon the number of years it would take to break even after purchasing a home in either location.
Los Angeles, CA. Zillow Break Even Horizon: 3.3 Years; Zillow Rental Index: $2,311; Annual Change in Zillow Rent Index: 2.3%
Los Angeles has a very high unemployment rate and the home rates dropped about 35% which actually makes L.A. more affordable for home owners. The average home costs $399,800 which was up by 9.7% as of December 2012. If you put down a 20% payment of $80,000 with the 3.277 interest rate with a fixed 30 year mortgage, your monthly payment is going to be $1,863.
San Jose, CA. Zillow Break Even Horizon: 3.3 Years; Zillow Rental Index: $2,513; Annual Change in Zillow Rent Index: 4.5%
San Jose, CA has a lot more people interested in purchasing homes since the average annual income is $92,500. San Jose has a very high employment rate with over 6,000 technology companies. The average home in San Jose is $544,600 so if you put down 20% ($109,000) + 3.277% + 30 years = $2,514 monthly mortgage payment which is $1 higher per month than the current rental index!
Denver, CO. Zillow Break Even Horizon: 2.8 Years; Zillow Rental Index: $1,468; Annual Change in Zillow Rent Index: 9.3%
As of December 2012, Denver’s average home value was up by 14.1% with the average home costing $233,700.
Austin, TX. Zillow Break Even Horizon: 2.7 Years; Zillow Rental Index: $1,516; Annual Change in Zillow Rent Index: 6.2%
At the end of last year, Austin had an overall home value increase of 4.7% = $209,900.
Nashville, TN. Zillow Break Even Horizon: 2.6 Years; Zillow Rental Index: $1,190; Annual Change in Zillow Rent Index: 3.8%
The average home cost is now $140,000, which is up by 6%.
Most of the cities listed above experienced an overall increase last year in their median home values which is great news overall for the market!