1. Property Valuation Report Front Range Family Law & Leslive Bova Case #2016-DR 14
October 3, 2017
7200 E. Dry Creek, Suite E-206 Centennial , CO

2. About Empire Realty
Empire Realty is a full-service boutique real estate firm unlike the rest. This firm has associates with combined real estate experience of over 75 years.  It has adapted today’s Internet and telecommunications technology to make home buying, selling and leasing easy.
We are a web-based, technology driven and on-demand customer service firm. We have made our website so user friendly you don't have to leave your couch to find out how much your home is worth or to find that perfect home in the Denver metro and surrounding area. Find your dream home at your pace, allowing our brokers to spend more time with you viewing homes, working with appraisers, and finding that perfect home.
We offer all the bells and whistles that you would expect from a full-service real estate company - highly polished marketing and advertising presentations, skilled negotiation tactics and personal attention to buyers and sellers. 
Empire Realty goes beyond the service level you would expect from a traditional real estate company by offering opportunities to those with unique needs. 
These other opportunities include:
Property Management- single and multi-family
Property Valuations
Residential Leasing
We are seeking to expand our brand throughout Colorado, pursuing opportunities to work with new clients.

3. About Rex Gambrell Multi and Single Family Property Management
Property Operations
Affordable Housing (Section 8 & 42)
Luxury High Rise/ Suburban Garden Style Management
Student and Employee Housing Management
HOA Condominium/ Townhome Management
NOI Growth Analysis
Budget Analysis
Revenue Management
Market Analysis
Property Performance Analysis
Financial Management
Residential Real Estate
Home Valuations- present and historical
Competitive Market Analysis
Property Due Diligence
Analysis of:
Operating Expenses
Capital Improvement Expenses
Vacancy rates/ Market rent rates
Turnover Expenses
WORK EXPERIENCE
EMPIRE REALTY Denver, Colorado
Managing Broker/ Partner – Present
Prepare, review and report monthly profit and loss analysis.
Direct the day-to-day operations of the agency.
Personally responsible for handling escrow, trusts and earnest money received.
Work with brokers and their clients on transactions.
Update and train brokers on new regulations set forth by the Real Estate Commission.
Connecting with other brokers in the real estate industry in order to expand my network.
WAYPOINT HOMES Oakland, California
Regional Director - Colorado – 2016
Responsible for startup of the Denver region for Waypoint Homes. A publicly traded REIT that owned and managed in excess of 14,000 homes in 10 regions throughout the US.
Oversaw purchasing, renovations, leasing, management and maintenance staff members in the Denver region.
Directed and reviewed the acquisition of on average 30 homes per month at approximately $7,000,000 each month for the 2 year period prior to company merger.
Responsible for and managed acquisitions, construction, leasing property management and maintenance managers and staff.
INDATUS New Albany, Indiana
National Account Executive – 2013
Sales to the multifamily property management industry in Colorado, Arizona and Utah that include an Answer Automation service, Call Tracker; advertising/lead call tracking and Zip Digital; mass text, and call blast notification tools.

4. Rex Gambrell Resume (continued)
WORK EXPERIENCE
GRIFFIS GROUP RESIDENTIAL, LLC Denver, Colorado
President
Responsible for developing a startup property management company for parent company Griffis Group
(Geared up to acquire 20 apartment properties over a 2 year period.)
Hired corporate and on-site property staffs for Denver and Colorado Springs markets.
Implemented accounting/property management software and set up operating policies and procedures.
Worked with accounting group on setting up approval process for budgets, financials, accounts payable, accounts receivable, etc.
Coordinated development of new marketing collateral for new entity and current properties.
CORUM REAL ESTATE GROUP, INC Denver, Colorado
Senior Vice President Property Management
Directed Multifamily property management department including 24 properties totaling approximately 6,120 units located in the Denver metro area, Aspen, Beaver Creek, Breckenridge, Keystone, Steamboat Springs and Vail, Colorado.
Property types managed were Section 8, Section 42, Affordable tax exempt 6320 municipal bond financed, conventional, market rate Class A to Class D.
Responsible for acquiring new fee management business through marketing efforts, networking and building a strong reputation in the apartment industry.
Responsible for preparation, coordination and management of annual operating budgets in excess of $21,500,000 for all properties in conjunction with the Regional and on-site Property Managers.
Supervision of 100 employees encompassing the rolls of Director of Marketing & Training, Director of Multifamily Services, Regional Managers, Property Managers, Leasing Assistants, Maintenance, Grounds and Housekeeping.
Managed numerous multi million dollar capital improvement projects.
VAIL VALLEY PROPERTY MANAGEMENT, INC Avon, Colorado
Vice President Property Management
Managed operation of property management office and management of properties.
Portfolio included multi-family, condominium association and commercial/retail properties.
SWEARINGEN MANAGEMENT COMPANY Tulsa, Oklahoma
Property Manager
Managed Park Towers office building and Warren Place office properties owned by Metropolitan Life Insurance totaling over 1 million square feet.
Completed new lease and renewal negotiations with office tenants
Managed all tenant finish build outs .

5. Rex Gambrell Resume (continued)
EDUCATION
University of Oklahoma Norman, Oklahoma
Business Administration
Institute of Real Estate Management (IREM) Tulsa, Oklahoma
CPM 500 Course (The Long Range Management Plan)
CPM 400 Course (Managing Real Estate as an Investment)
CPM 300 Course (Management of Residential Property)
LICENSE/DESIGNATION
Colorado Real Estate Broker Associate License (ER )
Certified Property Manager (CPM) Designation, 1989 (Key # 12828)
Housing Credit Certified Professional (HCCP) Designation, 1999 (Certification # 303)
BOARD SEATS
National Apartment Association (NAA) Alexandria, VA
Region VIII Vice President (Board Member)
Apartment Association of Metro Denver (AAMD) Denver, CO
President, Treasurer, Secretary, Board Member & Committee Chairperson
Colorado Apartment Association (CAA) Denver, CO
President

6. Summary of Homes Home Info Size/ Sq. Ft. Owner of Record
Original Purchase Price
Purchase Date
May 2015 – Broker’s Estimated Value
September Broker’s Estimated Value
Increase in value over a 27 month period
403 Laurel St., Steamboat Springs, 80487
5bd/ 3ba
1,567 sq.ft.
Joseph S. Frisch
$345,000
12/12/03
$523,408
$556,285
$31,938
2482 West Caithness Pl., #11
#14
Denver 80211
Studio
318 sq.ft.
320 sq.ft.
$54,900
$68,000
11/30/07
05/28/13
$86,072
$86,613
$147,043
$147,968
$60,971
$61,355
1101 Bellaire St.
Denver, 80220
1bd/ 1ba
594 sq.ft.
$45,000
04/09/09
$123,354
$163,498
$40,144
1. Broker’s estimated values for 2015 and 2017 are based on information from MLS, County Records, Trulia and Zillow. Steamboat Springs 2015 and 2017 Comps are based on prices with minimal sales transactions. Overall, these comps for both 2015 and 2017 have the most varied pricing based on the condition of the home and whether they were updated or not.

7. 430 Laurel St. Steamboat Springs
Built in 1936
5 bedrooms/ 3 baths
1,567 square feet
Single Family
Owner- Joseph S. Frisch
Values
Value as of May 31, 2015
Value as of September 30, 2017
$523,408
$556,285
(Estimated Totals above are Based on Broker’s Research and Assumptions)

10. 430 Laurel St. 2015 Comps 210 Hill St. 222 James St 245 Hill St. 1. 3.2. 3.
Map Key
Address
City
Zip
Price
PSF Total
Sold Date
Beds
Baths
Total Sq.Ft. 1.
210 Hill St.
Steamboat Springs
80487
$520,000
$357
06/30/15 2 1
1,455 2.
222 James St.
$775,000
$424
06/01/15
1,829 3.
245 Hill St.
$997,000
$407
07/22/15 4 3
2,452
210 Hill St.
222 James St
245 Hill St.

11. 430 Laurel St. 2017 Comps 420 Laurel St. 233 Hill St. 464 8th St. 3.1. 2.
Map Key
Address
City
Zip
Price
PSF Total
Sold Date
Beds
Baths
Total Sq.Ft. 1.
420 Laurel St.
Steamboat Springs
80487
$597,000
$255
08/18/17
Subdivided into 4 Apartments
2,345 2.
233 Hill St
$866,500
$499
09/15/16 5 4
1,736 3.
464 8th St
$525,825
$420
08/03/17 3 2
1,252
420 Laurel St.
233 Hill St.
464 8th St.

12. Owners- Joseph S Frisch
2482 W. Caithness #11 & #14
Denver
Built in 1956
Studio
318 square feet- #11
320 square feet- #14
Condominium
Owners- Joseph S Frisch
Values
(Estimated Totals below are Based on Broker’s Research and Assumptions)
Unit
Value as of May 31, 2015
Value as of September 30, 2017 11
$86,072
$147,043 14
$86,613
$147,968

17. 2482 W. Caithness Pl. #11 & #14 2015 Comps 2480 W. Caithness Pl #1
1356 Pearl St. #312
1129 E. 16th Ave

18. 2482 W. Caithness Pl. #11 & #14 2017 Comps 1419 Lipan St. #2
th St., #20M & #22M
444 17th St.,#208 & #1009

19. 1101 Bellaire St., #202 Denver Values Built in 1951 1 bedroom/ 1 bath
594 square feet
Condominium
Owner- Joseph Frisch
Values
(Estimated Totals below are Based on Broker’s Research and Assumptions)
Value as of May 31, 2015
Value as of September 30, 2017
$123,354
$163,498

22. 1101 Bellaire St. #202 2015 Comps 1101 Bellaire St. #105
799 Dahlia St. #303 & #507

23. 1101 Bellaire St. #202 2017 Comps 4110 Hale Pkwy., #3K, #3J, #4J
1620 Colorado Blvd., #1
1208 Albion St.
1101 Bellaire St., #304