A Park Hill house owned by Best Values Real Estate. (Facebook)
Facing the threat of a receiver over the 165 homes it owns and leases in the Denver area and a $65 million lawsuit against its owner, a local landlord has filed for bankruptcy.
Best Values Real Estate owns houses and condos from Thornton to Castle Rock, though most of its properties are in Aurora. They range in value from $110,000 to $900,000.
BVRE is $75 million in debt with $70 million of that held by one lender: Genesis Capital out of California. Between September 2021 and May 2022, it made 19 loans totaling $89 million to BVRE, according to Genesis. Each was guaranteed by BVRE owner Boris Klein.
“The debtor has collected rents for the properties securing the Genesis loans but has failed to make interest payments for four months,” Genesis told a bankruptcy court Aug. 22.
“Genesis informed BVRE that it was prepared to seek appointment of a receiver on Aug. 1 unless BVRE made at least one interest payment,” according to Genesis, which holds a deed of trust for all 165 homes. “It failed to do so and filed its Chapter 11 petition instead.”
BVRE reports annual revenue of $6.4 million in 2023 and $5.7 million in 2024 but $2.2 million in the first seven months of 2025. It values its 165 homes at $83.6 million.
BVRE’s court filings do not explain why the company is bankrupt and Genesis says it is seeking answers too. Last month, Judge Michael Romero granted Genesis access to some of BVRE’s financials after the lender expressed concern that the value of its collateral was falling.
“Genesis is informed that a significant number of the properties are unoccupied,” according to that company. BVRE lists 94 leases for the 165 houses it owns.
“Investigation regarding the debtor’s use of cash is also necessary,” Genesis told Romero. “As noted above, (BVRE) has collected rents but has failed to make any principal or interest payments in recent months – raising the question of what has happened to the cash.”
In addition to seeking repayment through the bankruptcy process, Genesis sued Klein on Aug. 25. The lender says Klein and his company were given loan extensions after defaulting in 2023, 2024 and again in January of this year, but still are not making payments.
Klein, who has not yet responded to that lawsuit, did not respond to interview requests.
A Park Hill house owned by Best Values Real Estate. (Facebook)
Facing the threat of a receiver over the 165 homes it owns and leases in the Denver area and a $65 million lawsuit against its owner, a local landlord has filed for bankruptcy.
Best Values Real Estate owns houses and condos from Thornton to Castle Rock, though most of its properties are in Aurora. They range in value from $110,000 to $900,000.
BVRE is $75 million in debt with $70 million of that held by one lender: Genesis Capital out of California. Between September 2021 and May 2022, it made 19 loans totaling $89 million to BVRE, according to Genesis. Each was guaranteed by BVRE owner Boris Klein.
“The debtor has collected rents for the properties securing the Genesis loans but has failed to make interest payments for four months,” Genesis told a bankruptcy court Aug. 22.
“Genesis informed BVRE that it was prepared to seek appointment of a receiver on Aug. 1 unless BVRE made at least one interest payment,” according to Genesis, which holds a deed of trust for all 165 homes. “It failed to do so and filed its Chapter 11 petition instead.”
BVRE reports annual revenue of $6.4 million in 2023 and $5.7 million in 2024 but $2.2 million in the first seven months of 2025. It values its 165 homes at $83.6 million.
BVRE’s court filings do not explain why the company is bankrupt and Genesis says it is seeking answers too. Last month, Judge Michael Romero granted Genesis access to some of BVRE’s financials after the lender expressed concern that the value of its collateral was falling.
“Genesis is informed that a significant number of the properties are unoccupied,” according to that company. BVRE lists 94 leases for the 165 houses it owns.
“Investigation regarding the debtor’s use of cash is also necessary,” Genesis told Romero. “As noted above, (BVRE) has collected rents but has failed to make any principal or interest payments in recent months – raising the question of what has happened to the cash.”
In addition to seeking repayment through the bankruptcy process, Genesis sued Klein on Aug. 25. The lender says Klein and his company were given loan extensions after defaulting in 2023, 2024 and again in January of this year, but still are not making payments.
Klein, who has not yet responded to that lawsuit, did not respond to interview requests.
