Jordan received his BBA in Finance from Gonzaga University. After completing a sales internship program with Marcus & Millichap, he spent two years as a Financial Analyst with Carmel Partners. After a year as a Valuation Manager for another firm, he joined Moran & Company’s Rocky Mountain office as a Senior Associate, spending another two years focused on servicing the Colorado, Arizona, and Nevada multifamily investment markets. From 2013 to 2020, Jordan worked with Allante Properties as a Partner and Director of Acquisitions & Finance focused on executing private capital partnerships for multifamily and mixed-use real estate development. He was responsible for managing banker and investor relationships, deal sourcing, financial modeling, economic underwriting, valuations, investment package writing, research, and asset management.
During his time at Allante Properties, Jordan had worked closely with Jesse Hamilton, discovering that the two brought complementary skill sets, shared like-minded ideals, and worked well together. He joined Jesse in founding MVRK Development in 2020.
When it comes to real estate investment, Jordan’s philosophy is simple: Focus on the risk and strive for the reward. Like investment titans Benjamin Graham, Warren Buffet, Ray Dalio, and Paul Tudor, Jordan believes that the key to successful investing is creating asymmetrical risk/reward profiles within every deal. Basically, the goal is to understand every possible facet of risk, mitigate it, and cultivate an achievable plan for profit that can be consistently measured and managed. If done successfully, the reward can be four, five, or even six times greater than the downside. Or to put it another way: First and foremost, preserve value through hedging risk; then, focus on creating upside.
Coming out of the Great Recession, Jordan played a central role in pioneering the resurgence of new studio and efficiency units in the Denver market. Led by Jordan’s deep knowledge of sociology and Millennials’ shifting preferences, Allante Properties was the first firm to deliver micro-units after the post-2008 collapse. This strategy has been emulated by dozens of developers throughout the Denver Metropolitan Statistical Area (MSA).
As Denver continued to recover from the recession, apartment rents climbed out of the trough in mid-2010 (at this point, average Denver rent was ~$830). Seeing the likelihood of a long run-up in rent growth due to sociological and economic factors, Jordan forecasted a strong need for market rate affordability. He also recognized both the risk mitigation of smaller units and the likelihood of continued strong demand.
The economic downturn saw a flight from Denver’s Central Business District (CBD) submarket to its Capitol Hill submarket. Renters sought cheaper rent but wanted to stay close to the excitement of downtown. The result was that the Capitol Hill submarket never softened in the downturn. Despite what had been the worst economic calamity of the past 75 years, the value proposition of the Capitol Hill neighborhood stood tall. Recognizing this, Jordan sought to develop more attainable rent levels by shrinking units and developing them in similar ancillary CBD locations.
By 2014, 25% of Denver apartment inquiries were for studio and efficiency units. The unit type was seeing double-digit rent growth. This growth was higher than any other unit type, while representing only ~3.75% of the apartment stock across the Denver Metro. Jordan had identified a tremendous niche with great market leverage.
From 2013 to 2020, construction costs in Denver increased 70%, making price-attainable product for the bulk of the market virtually impossible to pencil. Today, average rents in Denver are above $1,500. Studios and efficiencies make up only ~4% of the overall stock. The unit type remains in strong demand in Denver, continuing to offer a phenomenal value proposition and hedge against the ultra-luxury Class A product which makes up nearly all of the new product built in this cycle, especially in and around the CBD.
This positions the studio and efficiency units Jordan helped develop integrate very well within the market for the foreseeable future, regardless of economic conditions. The same cannot be said for the ultra-luxury class A product that typically lacks discernible value propositions.