We develop untapped potential in people, properties, and portfolio companies to improve the daily lives of all our stakeholders and to deliver above-market, risk-adjusted returns for our investors.


In 2008, Terrance Doyle invested in real estate for the first time. He teamed up with some former basketball teammates to purchase a single family home in Denver, CO. Loving the experience and finding a passion for real estate, Terrance continued to invest in several single family renovation projects.

In 2014, Terrance’s renovation projects grew in scale to include multi-family properties, and he formed VareCo - short for Value Add Real Estate Co. With a humble beginning, Terrance and VareCo found a niche buying 4 and 5 unit buildings in Des Moines, IA where he grew up.

In 2015, Terrance quickly scaled up his Des Moines, IA portfolio to over 100 apartments. Through this growth period Terrance quickly learned the importance of integrated property management and construction.

In 2020, VareCo began managing investor capital and in 2021 has launched its first Value-Add investment fund.

With a unique ability to source off-market opportunities and a proven track record in redevelopment, VareCo continues to be an industry frontrunner in the Denver and Des Moines multi-family investment space.


As of 1Q 2021, VareCo has grown its portfolio to over $80M of Assets Under Management (AUM) with over 750 apartments in its portfolio across Denver, CO and Des Moines, IA. Aggregating over ten years of experience across a broad spectrum of real estate, VareCo has emerged a leader across Colorado and Iowa due to its ability to execute in the construction space, develop relationships, and deliver above market returns to its investors.

Assets Under Management as of Q1 2021
Single family homes bought and sold
Multi-family apartment units owned
The VareCo is dedicated to the following:


High Integrity

  • Trust is a cornerstone of alternative asset investing.
  • Complete transparency across all phases and of the investment process.
  • Honesty wins the day

High Intellect

  • Constantly expanding knowledge base
  • Critique and improve the process at every decision point
  • Take total ownership of the product.

High Energy

  • Invest in not only talent but those with a passion for real estate investing.
  • Set conditions for motivation and drive.


Competitive Advantages

Construction - After a decade in single-family value-add projects, The VareCo has developed a robust trade relationship network of highly skilled, highly experienced professionals, familiar with every aspect of the development process. Being specific and experienced in our asset class has allowed us to perfect systems and processes as well as leverage the material acquisition process.

Relationships - We believe success is dependent on investment in relationships. From our investors, to brokers, to banking relationships, we understand that developing long term relationships with external partners is critical to our investment strategy. We operate under the assumption that the growth of

Board of Advisors - When it comes to our underwriting and the business development process, we believe diversity and experience yields strength. The continual involvement of our board of advisors unlocks our projects and processes to a wealth of perspective and experience.

On The Ground Oversight - We believe there is correlation between in-person involvement and results. Our founders and principles reside and invest in Denver, CO and Des Moines, IA the same locations where they currently live and operate.



Aligning interest is as the core of The VareCo thesis and success story. Our acquisition process operates under the prerequisite that each asset is one in which our principles will invest their own dollars in. Our equity contribution in each project is a testament to our commitment and belief in The VareCo strategy.

Investment Criteria

  • Ability to affect net operating income immediately upon completion of the development phase.
  • Under market entry point
  • Scope of development matches experience
  • Yields meaningful Internal Rate of Return
  • Fixed rate debt that complements business plan
  • Ability to produce double cash on cash yield in the event of economic downturn or unforeseen circumstance
©2021 VareCo
2243 Curtis Street, Denver CO 80205