About Us • The Backstory, Now and Future
This page is about us. Meaning it’s about the Paloma Terrace community, the management, how we came to be owners, and plans for today and the future.
Before we get started here, I want to say this long page exists by request, so with that confession let’s begin from before the purchase. It was a winding path that brought us to Colorado Springs.
Our search started with Reno, Nevada. Why Reno? It’s the other major city in Nevada with the big one of course being Las Vegas. We had no particular interest in Vegas because it’s so often a boom-bust economy, and it sure did go BUST in 2007 along with many other U.S. communities at that time. Why choose Nevada? No state income tax.
It turned out, however, that the reason for the interest in Reno was what kept us out. Reno’s economy was about to potentially expand with development if Tesla ended up building their huge ‘giga battery’ factory nearby. The final site competition came down to locations Tesla had purchased in Nevada, California, and Texas, and Nevada won the prize by completing preparation of their huge parcel of land before California could wade through their red-tape bureaucracy.
What that did for Reno was to freeze the local market for multifamily (apartment) properties. Everyone wanted to wait and see how the local economy would be affected when that giga factory became operational. We spent six months trying to invest there and eventually gave up.
The next ‘about us’ step was to switch focus to Colorado Springs with Colorado’s modest state income tax. It was an interesting, growing town back then and still is today. After visiting several apartment properties for sale, we were shown the property we renamed to Paloma Terrace and very much liked its potential. I subsequently stayed in a local hotel for a month of planning inspections, reading reports, attending meetings, signing documents and keeping the deal alive. Escrow closed on July 25, 2015.
Incidentally if you don’t know, Paloma is Spanish for dove (and pigeon, but that’s not how we see it). We kept the existing management company for a short time until their key person relocated for health reasons, and we moved on to Griffis Blessing, the top-flight management company we have today.
After doing a walk-through inspection of each Paloma Terrace apartment home, as new owners we began to slowly separate residents who were not taking good care of their homes from the ones who were. We wanted to build a different kind of community from what we had to start with. That’s what the years have been about, and the management team of Tammy and her supervisor has proven to be a great ongoing partnership to accomplish this together.
This ‘about us’ page began in February, 2020. Since then we’ve done a lot of update work on the pool with a new deck and fence, and all-new landscaping around it. Then new surface coat, striping and car stops for both the front and back parking lots. Plus upgrades to the office for everyone to enjoy new air conditioning plus a touchless office entry door, touchless bathroom faucet, and touchless paper towel dispenser. And we’ve also adding new improved air conditioning to the laundry facility.
For 2022, the plan is to tie up loos ends of projects that have continued over into this year.
Our goal is for everyone who comes to Paloma Terrace, and especially residents who live here, to enjoy their homes and surroundings within the fullest extent of what we can provide. We’re also regularly upgrade apartment home interiors as they go vacant, which means we often have a wait list for available floor plans.
By the way, who are we? I’m a Vietnam war veteran. My wife of 45 years is a retired RN, and together we have four grown children. Welcome to ‘about us’ and a family business.
And that ends the tour. It’s a continuing quest to do better with the homes we provide for residents and the 2.1 acres of beautiful Colorado land at 2910 Sage Street in Northwest Colorado Springs that we’ve been entrusted with.
You’re welcome to join us here. Please call (719) 634-7034 for information.
Thanks for reading.