October 20, 2017
The Denver multifamily commercial real estate front is exciting. This is because there is a lot of growth in multifamily construction. There are so many people who are moving to Denver, and Denver has a lot to offer its residents.
One decent size apartment project involves improvement of 2 apartment complexes. A man named Jeff Sanders just paid $30.9 million dollars for the apartment complexes totaling 426 units. Jeff is planning to make some big improvements to both properties. According to a senior associate who works with Transwestern, John Blackshire, once the improvements are done, these locations will receive lots of activity.
The apartment complexes are named Valley Park Village Apartment and Coronado Crossings. Near downtown, they are in areas that are improving. They were originally constructed in the sixties and seventies.
Another large project is a community havng Denver’s biggest Luxury complex. It’s called Country Club Towers II and III. It’s massive with a space of one million square feet for the residents of 552 apartments to enjoy. Studio apartments as well as one and two bedroom apartments, and penthouses comprise the choices for residents. The units range from 560 to 1,796square feet.
The first tenants started moving into tower two in August of this year. It comprises 281 of 552 units that are ready for tenants to move in. The address of Country Club Towers II and III is 1101 E. Bayaud Ave. Costs for units start at $1600 and go up to $6500.
The apartments come with walk-in closets, stainless steel appliances, oversized soaking tubs, plank wood style flooring, floor to ceiling windows and fire pits.
Some of the things residents can enjoy are personal training sessions, yoga classes, instruction on meditation, a conference room, a theatre room, on site cooking classes, a huge fitness center of 3600 square feet, spa and steam room, pet park, dog wash station, one thousand parking spaces underground, and putting greens.
Denver has the lowest inventory on record. And at this time quite a few renters are wanting luxury multifamily living. And they are not wanting the risks as well as responsibilities of owning a home.
Renters will get a life-style that is maintenance free, entertainment that is in the apartment complex, and close by access to Country club, Cherry Creek neighborhood and downtown. This luxury life-style is attractive to professionals who are young, to super commuters, and those who haven’t started a family. And renters will get, a fantastic location, great views of the city, and the best Denver luxury living in an apartment complex.
Another luxury apartment community named ReyLenn Properties will be opening in conjunction with Southwest Line Extension that is also scheduled to be opened. Located in Highlands Ranch, Colorado, there are big companies including VISA and Skyiridge Medical Center and Charles Schwabb. This is a $60 million dollar project being ReyLenn Properties fourth Solana development, and it has 285 apartment units.
It will be a transit centered apartment community because of its closeness to Southwest Line Extension. The apartments will vary in size from 642 square feet to 1364 square feet, and tenants will have the choice of one, two or three bedroom apartments.
There are quite a few luxurious features including a salt water pool, indoor fireplace, spin studio, golf simulator, clubhouse, lounge, cruiser bike rental, fitness center, onsite dog wash, and a dog park. It has the address of 1953 Plaza Drive, and is close to the Lucent Station light rail which will be opened in the future.
Denver and outdoor lifestyle go hand and hand. So having an apartment complex with views of nature, energy friendliness as well as being environmentally friendly are essential. Another essential for new properties is to win out in competition over other new apartment complexes by designing the apartment complex to the lifestyle of the tenants.
A different type of construction project is coming to Lakewood, Colorado. It’s a senior housing community. The developer is Real Estate Equities Development. It will be 60 units and fully owner occupied - Lakewood’s first owner occupied senior living cooperative.
Real Estate Equities Development has under construction, in operation, or to be constructed, 29 such projects.
Real estate Equities Development is quite a company. It has built 2200 homes comprising greater than 40 projects. The value of these homes is more than 400 million dollars. They are in the Midwest and are located in urban, suburban and medium sized areas.
Getting back to the senior housing community in Lakewood, it is composed of homes that are one or two bedrooms. All homes vary in size from 875 square feet to 1700 square feet, and are in a three story building.
Amenities include a club room, raised outdoor gardening, underground heated parking with a car wash bay, fitness center, community room with kitchen, and guest suite.
To find multifamily complexes for sale in the Denver area, click on https://www.loopnet.com/search/apartment-buildings/usa/for-sale/ Are you wanting to find commercial realtors? CCIM.com can help you find commercial realtors in the Denver area. Click on http://www.ccim/com/cire-magazine
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Bruce Painter, Director of Marketing, Business Loan Store