Top Grubb & Ellis Broker Joins Apartment Realty Advisors

Hawks and Andrews have sold more than $2.5 billion in apartments during the past five years, more than anyone else in the Denver area. In one deal, the two can sell close to what Hunt does in a year.

"But the difference is, if I sell $75 million in a year, I might do it with 30 or more transactions," Hunt tells GlobeSt.com. And, he notes, on the smaller deals you typically earn a larger commission as a percentage of the deal. In other words, a broker typically will make more selling five $2-million apartments than one $10-million apartment, he explains. When he was named the No. 1 apartment broker at Grubb & Ellis, it was based on commissions, not total volume, he says.

Hunt says he wanted to be with ARA because it exclusively sells apartments. Also, with one research person for each of its eight brokers, he says he will provide service to small apartment owners that typically is reserved for industrial clients, such as the ones that Hawks and Andrews service.

Also, he likes the team approach of Apartment Realty Advisors. "ARA brokers work as a team, unlike any other firm in the country," Hunt says. Also, many of his buyers are looking to do 1031 exchanges, where they need to trade up to a bigger apartment building to defer taxes, he tells GlobeSt.com.

"A lot of my clients who own small apartment buildings have enough equity that they might be able to trade up to a 220-unit apartment community, for example," Hunt tells GlobeSt.com. "I can use Jeff's and Doug's connections to find someone willing to sell them a bigger apartment community."

And if Hunt refers the sale to Hawks and Andrews, Hunt won't share in their commission. "We know that enough deals will go back and forth between us that it pays to help each other," Andrews tells GlobeSt.com.

Before starting their own firm, which is partially owned by Denver-based Frederick Ross Co., Hawks and Andrews worked with each other at Grubb & Ellis for about three years. "Terrance is not only a good broker, but he's a good buy," Hawks tells GlobeSt.com. "We really like working with him."

With the addition of Hunt, ARA has more apartment brokers than any other firm in Denver, Hawks says. But Andrews says he likes being associated and being in the same floor as the other brokers at Frederick Ross.

"I like being around the office and industrial and investment brokers," Andrews says. "One of the problems with apartment-only firms is that they tend to be isolated in their one field. We've had some Ross brokers refer business to us and I've referred a number of office deals to Ross brokers."