Heartwood Properties opens HQ in Boulder

BOULDER — Real estate entrepreneurs Eric Mallon and Seth Halpern have formed Heartwood Properties Inc., a property-management and brokerage firm, and Heartwood Capital LLC, an affiliate real estate investment firm.

Heartwood Properties and Heartwood Capital are headquartered at 1539 Pearl St. in Boulder and also maintain an office in Chicago.

Heartwood Properties was formed as the result of Mallon and Halpern acquiring the property-management division of Boulder-based developer Element Properties and merging it with their Chicago-based South Shore Partners LLC.

Financial terms of the deal were not disclosed.

Scott Holton and Chris Jacobs, co-founders of Element Properties, continue to own and operate Element’s development division. The companies share the same address.

Heartwood Properties provides property management and brokerage services for close to 500 residential, commercial and HOA units, mostly in Illinois.

“We’ve been busy honing our platform within our own portfolio, and we’re now excited to bring our boutique-style of management to new markets and to third-party clients,” Mallon, Heartwood’s principal and managing broker, said in a prepared statement.

Heartwood Capital acquires multifamily and commercial real estate in both the Denver metro area and Chicagoland. Building on its existing 150-unit Chicago portfolio, the company’s first Denver area acquisition, 1224-1232 E. 13th Ave., was made in March. Heartwood Properties will make some minor cosmetic upgrades to the 18-unit multifamily property and will rename it Flats on 13.

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