Koelbel president Walter A. Koelbel and Al Feld, founder and president of the Feld Co., developed the luxury Breakers Resort 15 years ago. The 1,523-unit resort-oriented multifamily rental community was built on Koelbel-owned property in southeast Denver. They remain co-owners of the development. The Feld Co. has managed the community from its opening in 1990.

Koelbel Property Management assumes management of Feld's current portfolio, including the Breakers and Palomino Park, a 1,448-unit resort-style multifamily rental and for-sale project in north Douglas County. New York-based Wellsford Real Properties, Inc. owns Palomino Park.

Koelbel says the new company was also a merger of philosophies in a focused pursuit of quality community development. "Al Feld is well known for creating resort communities for everyday living and we're honored to become the stewards of this proud tradition," says Koelbel, whose developments include the Pinehurst Country Club, the Preserve at Greenwood Village, the Centennial Promenade retail center near the Park Meadows mall in Douglas County and several small residential communities in Cherry Hills Village.

In 2002, the company launched Rendezvous, a luxury mountain residential community between Winter Park and Fraser. Rendezvous features custom home lots and custom homes, plus luxury mountain cabins and triplex townhomes. Koelbel's sister company, Colonnade Communities, builds residential communities throughout MetroDenver.