New Multifamily Projects Underway in Colorado
We’re taking a break from a focus on property management software, with a closer look at growth markets in multifamily developments and multifamily investment opportunities in Denver, Fort Collins, Aurora, Colorado Springs, and Boulder, Colorado.
The multifamily real estate market in Colorado is garnering more attention in 2019. The economy looks good and the demand for multifamily rental housing is strong although developers are offering concessions to get leases signed.
Economic and Demographic Trends Favoring Colorado
Migration of highly educated workers to Denver is encouraging this new development of rental apartments. Demand in Colorado, like most other states, will likely never keep pace with supply because of cost, and political and regulatory restrictions.
The lower cost of development compared to California and the Colorado lifestyle makes this region a big draw for developers, business people, and migrant millennials. And they’re building for them.
Income property has outperformed other investment sectors, and given the height the stock markets have already achieved, the multifamily rental property sector in Colorado is worth a closer look.
Of course, if you’re going to buy some blocks of units or whole buildings, you’ll want to know what to look for and which cities have the best potential going forward with the new US economy. New business opportunities for Colorado property management companies are outstanding.
Colorado Multifamily Market 2019
In this post, we’re continuing with our intense focus on the Colorado multifamily market with a roundup of amazing developments either in construction, planned for development, or released. We’re covering larger and notable developments in Denver, Aurora, Colorado Springs, Boulder, Fort Collins, Pueblo and some resort towns.
Interquest in Colorado Springs
Continental Properties of Milwaukee is set to build 264 unit multifamily development in the north side of Colorado Springs. This location is near the Great Wolf Lodge Resort and Water Park. Continental also developed the nearby 280-unit Springs at Allison Valley according to a report from the Denver Gazette. This area east of Interstate 25 and InterQuest Parkway is targeted due to nearby major employers, hotels, restaurants and movie theaters. Read more at the Denver Gazette.
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Tinmath Trail at Riverbend
A new 176 unit luxury home development being built in the community of Tinmath, by Rooney Properties of Wisconsin. The 8.6 acre location is lcated between Fort Collins and Denver. The modern development will include interesting amenities which included: a 5,700-square-foot clubhouse containing a fitness center, pet grooming room, and bike and ski maintenance facility. Residents will also enjoy a heated swimming pool and whirlpool, outdoor kitchen, and electric car charging stations. Read more at Multihousing News.
The Confluence in Denver
Madison Marquette and PMRG have secured $75 million in financing to build The Confluence, a 34 residential apartment tower in downtown Denver. Already released in late 2017, it offers 1 and 2 bedroom units along with 3 bedroom penthouse suites, all above street level retail space. Located at 1441 Little Raven St., the property had 287 units.
Residents enjoy amenities that include: soaking tubs, floor-to-ceiling windows, solar and blackout shades and private balcony/patios. Common area amenities include a rooftop terrace and pool, two skyline lounges, dog grooming area, and state-of-the-art fitness center. Read more at Multihousing News.
Tangent Apartments in Denver
Shea Properties’ division, Shea Apartments, has opened Tangent Apartments, a 140-unit luxury community in Denver. The apartment development offers studio, 1 bedroom and 2 bedroom units. Amenities include granite countertops, wood-style flooring and stainless-steel appliances. Common-area amenities include a resort-style swimming pool, poolside lounge with fire pits and hammocks, grilling stations, entertainment center with pool tables, business center, fitness center, pet lawn and outdoor recreation. Read more at Multihousing News.
Northstar Commercial Partners, Milender White and Canyon Partners Real Estate LLC have closed on a new, mixed-use development called Parkside @ City Centre in the Denver suburb of Aurora, Colorado. The development is mixed-use development will feature 216 market-rate apartments and 36,000 square feet of retail. Amenities include a courtyard with grills, pool and hot tub. Learn more at Multihousing News.
Rêve Boulder in Boulder, CO
Southern Land Co. announced beginning of construction of its new mixed use community in Boulder, CO, across from the new Google campus in Boulder. The 6 acre, Rêve Boulder is slated to open in 2021 and is in line with Boulder’s emphases on retail and office space, sustainable technology and open space. Rêve Boulder will include 242 rental units, 24,500 square feet of retail space and more than 120,000 sf of office space. Apartment rental options include micro, studio, efficiency, one, two and three-bedroom apartments, along with live/work residences and townhomes.
All Reve Boulder apartments will offer quartz countertops, kitchen islands, stainless steel appliances, side-by-side refrigerators, washers and dryers, along with outdoor balconies or terraces.
Rêve Boulder resident will likely pay a premium price for the rental units due to this location near Google and University of Colorado campus. Community features include a business center, club and game room, 24-hour fitness center, flex room, outdoor fire pits, and a lushly landscaped pool deck with private gazebos and flat screen televisions. Learn more about Reve Boulder at the Colorado Real Estate Journal.
Gables Residences in Denver
The 122-unit, eight-story luxury apartment Gables Residences in Denver nears completion. The development offers 57 one-bedroom rental units starting at $2,160; 53 two-bedroom rentals starting at $3,550; six three-bedroom rental condos starting at $6,000; and 6 luxury townhomes that start at $5,496.
Pre-leasing is scheduled to for mid-November while completion will be in Febrrary. Gables sets the standard for luxury services and amenities which will include a concierge service, rooftop pool, spa, and cabanas; outdoor kitchen, courtyard with fire pits; gourmet demonstration kitchen; resident lounge; media theater; yoga studio; dog walking services; coffee bar; and a courtyard putting green. Learn more at Multifamily Executive.
Have a look:
Multiple Multifamily Developments in Fort Collins
The tight rental market in Fort Collins will ease by 2020 with release of several thousand new apartments. During 2018, almost 1500 apartment units were released in FortCollins and with an estimated 1000 additional units scheduled for release in 2019/2020, smaller landlords will find it more challenging to hang onto their tenants.
According to the Coloradan, developers are offering concessions to get these units leased. And rents range from a very affordable $735 to a high end of abotu $1800 per month. The already built Bucking Horse development is the largest with 300+ units. The largest developments in construction are the Wyatt (395 units), the Hub (230 units) and the Standard (student-oriented housing of 230 units (794 beds). Read more at the Coloradan.
The Wyatt in Fort Collins
The developers refer to them as luxury apartment homes, and the open concept designs are stunning and unique. These spacious apartments are designed for modern preferences but in a rustic Coloradan style. They will definitely make renters in other cities across the US envious for how they breath and allow endless possibilities for customized living. Amazing!
Screen Capture courtesy of the Wyattatfc.com
The Denver multifamily scene has plenty of new releases and upcoming new construction announcements. Please bookmark this page for future updates as your Colorado multifamily resource.
The picture says a lot, but consider the other features tenants will love and never want to leave: smart home features, in unit washer/dryer, high ceilings, stainless steel appliances, resort-Style Pool with poolside Cabanas, cyber Lounge/Library, Hot Tub, Steam Room & changing room/lockers, along with electric car charging stations and a car wash. Check out the 1 to 3 bedroom units in this unique apartment development at The Wyatt Fort Collins.
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