After working in New York City in a real estate consulting firm, Arthur McDermott moved to Denver in the early 1970’s. A graduate of Rutgers University, he has 40 years of experience in land use planning, property management, real estate development, and investment.
Castle Pines, now a prominent golf course community in northern Douglas County, brought Mr. McDermott to Colorado. As Manager of the Denver office of DMI, Inc., a noted land planning and golf course design firm, he was responsible for land use planning and securing entitlements for the 1,500 acre parcel that became Castle Pines.
This experience led him to establish Land Use Consultants, a firm formed to provide land use and planning services. Notable projects included Meridian Office Park and what is now the City of Lone Tree.
As Land Use Consultants grew, McDermott was asked to find and analyze real estate opportunities. This began the next stages of his career. Multifamily properties became the preferred investments.
By 1980, investment activity surpassed land use consulting. As the real estate portfolio grew, he recognized the need for quality property management and formed McDermott & Stein Management. Using an innovative approach to property management, including the introduction of computerization, McDermott led the company to rapid growth and soon managed 12,000 apartment units. The company was the largest apartment management firm in the Rocky Mountains with offices in Denver, Albuquerque, and Salt Lake City. McDermott sold the company in the late 1980’s and it became the basis for AIMCO, a Denver based REIT.
Turning to multi family development, Arthur formed McDermott Properties and soon realized the difficulty of raising investment capital, particularly in a poor economy. In 1998, he discovered the Low Income Housing Tax Credit Program, sponsored by the U.S. Treasury Department. Understanding the need for affordable housing, he concentrated development in this segment and has developed over 3,000 affordable apartments, all along Colorado’s front range. He additionally established ComCap Management a property management firm focusing on affordable and market rate apartments.
Active in the community, Arthur has served as the Board Chairman of ArtReach, Board Chairman of Denver Victims Service Center, and President of Citizens Appreciate Police. He has also been active in industry related organizations, the Apartment Association and Housing Now.
Arthur is married to Margaret (she has been active in all these businesses and is a trusted advisor). Together they have five adult children and 13 grandchildren.