“Add value to clients, work hard and when you get discouraged, don’t give up.”
You may have heard about the 1,523-unit Breakers Resort, Colorado’s largest-ever multi-family property in terms of size and value, transacting at a whopping $350 million. Now meet Vice Chairman of ARA Newmark, Terrance Hunt, one of the brokers behind the transaction, and one of Denver’s top producing brokers, handling over $7 billion of multifamily transactions throughout his career.
Prior to becoming a top-producing broker at ARA Newmark, Hunt specialized in the sale of multi-family properties as an apartment advisor and broker at Grubb & Ellis, and before that acted as an independent investor to pay for his college. “When I started in brokerage at age 24, I focused on becoming the expert in multifamily to show my worth,” said Hunt. “When I started, my competitors had 20 plus years of experience on me and I knew that I needed to demonstrate value through understanding this niche market better than anyone else.”
Becoming a specialist is just one bit of advice that Hunt has for young professionals starting careers in this field. “Add value to clients, work hard and when you get discouraged, don’t give up,” he says. This sound advice comes from his own experience in 2008, when like many others, the economy positioned itself as one of his greatest challenges. “When typical market transactions stopped, I knew our team had to adjust. We became one of the biggest representatives of banks here in Colorado, and targeted that as a source of business going forward he said. “Every cycle has challenging times, but we reinvented ourselves to overcome it.”
Fortunately, the metro Denver has seen growth and the landscape has undergone tremendous change, which Hunt says was initially spurred by significant increases in multi-family development downtown. “ARA Newmark has worked with clients and their equity partners to help get developments off the ground and sell them, which has ultimately fueled more development” said Hunt. He also noted that many clients opt to redevelop and renovate existing spaces which has added to the renaissance of Denver’s Downtown area. “The redevelopment of Union Station really tied everything together and made it more livable, along with the addition of more grocery stores and retail.”
Aside from Breakers Resort, Hunt and his partners Shane Ozment, Jeff Hawks and Doug Andrews’ recent transactions include the closing of several other high profile properties. One City Block is a nearly $100 million deal that takes up an entire city block in one of Denver’s uptown neighborhoods. Other examples include Solana 3100 Pearl, a $136 million deal in Boulder and Alexan Sloan’s Lake, which sold for $103 million. In addition, Broadstone Blake Street and TwentyOne01 on Market sold for $143 million, and Helios sold for $70 million. He and his partners are currently marketing one of the best located properties in downtown Denver, Line 28 in LoHi.
In 2015 and 2016, Hunt and his partner, Shane Ozment were awarded with NAIOP Colorado’s Broker of the Year recognition, and in 2015, he was recognized by Denver Metro Commercial Association of Realtors (DMCAR) and the Denver Business Journal as the top Multi-family Broker of the Year. Hunt speaks regularly on multifamily and real estate investments, and has spoken at conference for the Apartment Association of Metro Denver (AAMD), the University of Colorado, the Colorado Real Estate Journal, Bisnow and the Downtown Denver Partnership.