Real estate private equity firm Meriwether Management Company has acquired two luxury residential development projects in Steamboat Springs and Telluride, Colorado.
Meriwether has purchased the remaining fully improved land within Chadwick Estates, a luxury residential development in Steamboat Springs. Chadwick Estates will feature more than 20 residences in a combination of duplex and condominium configurations. In addition to the onsite pool, spa and fitness facilities, the property’s premier location within the base village affords panoramic views and easy access to the ski mountain.
Concurrently with closing on Chadwick, Meriwether acquired the note secured by the third phase of The Lorian project located adjacent to the Mountain Village/ Telluride gondola. The Lorian is a partially complete ultra-luxury 6-unit ski-in/out condominium building. The residences range from approximately 4,000 sq. ft. to nearly 6,900 sq. ft with luxurious interiors, numerous amenities including a heated garage, pool, community area, and full gym together with excellent ski access and stunning mountain views.
These acquisitions add to the company’s existing development projects in the Southern California desert resort community of Rancho Mirage. Meriwether purchased The Villas of Mirada, a 46-unit luxury residential hilltop community, in May 2011 and sold eight villas within six months propelling the company to begin the next phase of the remaining 23 homes. In addition to The Villas of Mirada, Meriwether purchased nearly 40 acres of land which the company will plan, entitle and develop with one hundred (100) home sites.
In an uncertain economic climate, Meriwether has identified and capitalized on a significant opportunity in the luxury residential resort space. By bringing knowledgeable expertise and a focus to this specific niche, Meriwether believes there is plenty more opportunity ahead of them.
“We are excited that our formula and focus has enabled us to successfully complete four acquisitions within six months. We are further excited by our ability to attract institutional capital to our platform and niche,” said Noah Hahn, Meriwether co-founder and managing partner. “By continuing to focus on our niche market of luxury resort projects, we anticipate that the success of our projects will build on each other as we move forward.”
