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Residential

Project Announcements
Project near DU announced
August 12, 2015 at 3:00 pm 1
Rendering of Modera Observatory Park courtesy ARA Newmark.

Rendering of Modera Observatory Park courtesy ARA Newmark.

ARA Newmark has announced the sale of 1911 S. Josephine Street in Denver. The 1.03 acre site will be developed into two five-story apartment buildings that will house 275 apartment units with 336 parking spots. This future apartment project is located in Denver's Observatory Park neighborhood near the University of Denver. ARA Newmark provided brokerage services to the seller in this transaction. The property was sold to Mill Creek Residential, a Texas-based multifamily developer. Executive managing director Chris Cowan of ARA Newark stated, "This transaction illustrates the continued demand for housing in a neighborhood experiencing some of the best market fundamentals in Denver with limited new supply, single digit vacancies and explosive rent growth. With visibility from I-25, light rail access within walking distance and proximity to some of the highest value homes in Denver, This opportunity was one that Mill Creek understood immediately." Construction is slated to begin in ernest this month with completion expected in the first quarter of 2017. Denver-based Studio PBA is the architecture firm that designed this development which is titled Modera Observatory Park. Mill Creek Residential managing director Brian Wynne represented Mill Creek in this transaction. Wynne stated, "We were attracted to the Observatory Park neighborhood for many reasons, including the easy commute to both Denver's employment centers and convenient access to some of Denver's best amenities and transit. We plan to develop a high quality community with top level finishes, a luxucry pool deck and more. We are very excited to become a part of this neighborhood." {google_map} 1911 S. Josephine Street, Denver, CO{/google_map}
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Real Estate
RedPeak adds $13.85 million in property to its portfolio
May 10, 2015 at 9:49 pm 0
RedPeak's 1145 Ogden property. Image courtesy RedPeak.

RedPeak's 1145 Ogden property. Image courtesy RedPeak.

RedPeak's 1153 Ogden property. Image courtesy RedPeak.

RedPeak's 1153 Ogden property. Image courtesy RedPeak.

RedPeak's 929 Marion. Image courtesy RedPeak

RedPeak's 929 Marion. Image courtesy RedPeak

Denver-based RedPeak apartment management and ownership firm has announced that it is has added $13.85 million of new apartment properties to its portfolio. This includes the purchase of three apartments buildings in Denver's Capitol Hill neighborhood. RedPeak paid cash for the three properites located at 929 Marion, 1145 Ogden and 1153 Ogden. Altogether this adds up to 66 units and the purchase averages out to $413 per rentable square foot. “These strategic and seamless acquisitions bring RedPeak’s ‘Urban Living Portfolio’ to 730 units in 17 buildings in Denver’s most walkable neighborhoods, and our total Colorado portfolio now consists of 2,445 units,” said Bobby Hutchinson, Investment Director for RedPeak. “In addition, we have recently broken ground on an eight-story, 115 unit apartment building located at 7th & Sherman in the Governors Park neighborhood, which we expect to deliver next summer, and have recently completed a substantial renovation of a 32 unit historic property at 970 Pennsylvania Street. We continue to look to expand upon our growing presence in Denver's highly desirable urban neighborhoods.” RedPeak states it is actively seeking high quality apartment buildings in Central Denver, and is willing to pay top market prices for assets that fit the company’s target criteria. RedPeak’s other recent purchases include the Coachman Apartments, 1075 Corona, 880 and 890 Dexter, 820 Dexter, 825 Dahlia, 805 Dahlia and 70 Clarkson.
Construction of apartments at 7th and Sherman May 2015.

Construction of apartments at 7th and Sherman. May 2015.

The One City Block project that was completed in 2014 in Denver’s Uptown neighborhood and The Seasons of Cherry Creek apartments are also among RedPeak’s Denver properties.  
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Project Announcements
Luxury mixed-use development under construction in Five Points
March 17, 2015 at 12:11 am 7
Currently under construction in Denver's Five Points neighborhood is The Wheatley, a luxury apartment building with a for sale town home component. This project is located at 25th Avenue and Welton Street. Craine Architecture is the architect of record for this project. The developer is Palisade Partners and the general contractor is Confluence Builders. Space for ground floor retail, 14 luxury for sale town homes, and 82 apartments comprise the project. The apartments will reach 5-stories and a level of underground parking will be featured. The building will be located  within Denver's Welton Landmark Design District and needed to meet the Landmark Preservation Commission approvals before construction could begin.
Rendering of The Wheatley. Image courtesy Craine Architecture

Rendering of The Wheatley. Image courtesy Craine Architecture

"Working with the Denver Landmark staff and the Commission, the building has been designed to be of its time, while incorporating elements that reference the rich context of the neighborhood. Although much of the building's massing, material selections, and detailing, were informed by the character defining elements of the neighborhood, perhaps the most unique element is the chamfered corner, used throughout the district as a way to address the public right-of-way, and provide for a welcoming building entry. The Wheatley celebrates the corner at the intersection of 25th and Welton with a chamfered condition, enhanced masonry detailing, and a suspended canopy, marking this prominent building entry," said architect Eric Bottenhorn of Craine Architecture. A rooftop deck and a fitness center will be incorporated into the project. Unit finishes will include quartz countertops, stainless steel appliances and and in-unit laundry appliances. Pricing for the for town homes will begin in the low $400s with square footage exceeding 2,000 square feet in all of the for sale units. One and two bedroom options will be featured in the apartment portion of The Wheatley. This project is being built on the site where the Phillis Wheatley Young Woman's Christian Association operated from 1916-1964. Phillis Wheatley was the first published African-American woman and first published African-American poet. The character of the neighborhood was considered during the design of the building. "The architectural fabric along the Welton corridor, is generally arranged into multiples of 25 feet, relating to the typical lot width.  Historically significant buildings in the Five Points neighborhood, such as the Rossonian, have been organized with an obvious base, articulated with highly transparent storefront, a less transparent middle and a top that is often characterized by a projecting cornice.  The Wheatley has been crafted to balance this contextually appropriate traditional language, with a material palette and detail refinement, familiar to contemporary architecture," said Bottenhorn.    
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Project Announcements
Downtown Denver residential high-rise breaks ground
February 17, 2015 at 5:49 pm 4
SkyHouse Denver ground breaking. Feb. 17, 2015

SkyHouse Denver ground breaking. Feb. 17, 2015

Simpson Housing, Novare Group, and Batson-Cook Development Company broke ground today on a 26-story luxury residential high-rise tower on the corner of Broadway and 18th Avenue in downtown Denver. SkyHouse Denver is a mixed-use project featuring 354 apartment homes ranging from studio to two-bedrooms and 6,900 square feet of street-level retail space. The signature SkyHouse on the top floor of the building includes a club room, swimming pool and fitness center. The structure will also include vehicle charging stations and a dog walk with a dog washing station. The building is targeting millennials who are choosing to live in urban centers close to public transportation, employment centers and entertainment venues.
Rendering of the SkyHouse Denver residential high-rise  at 18th and Broadway.

Rendering of the SkyHouse Denver residential high-rise at 18th and Broadway. Image courtesy Novare Group.

“We are excited to be working with Simpson Housing and Batson-Cook Development Company to add SkyHouse Denver to the fabric of downtown,” said Jim Borders, President and CEO, Novare Group. “Denver has tremendous momentum including a strong economy and burgeoning downtown residential market. The Mile High City has been on our radar for several years, and we are thrilled to have an excellent location that fits perfectly with what our residents want.”
Jim Borders, President and CEO, Novare Group addresses the crowd at the SkyHouse Denver ground breaking Feb. 17, 2015

Jim Borders, President and CEO, Novare Group addresses the crowd at the SkyHouse Denver ground breaking Feb. 17, 2015

JP Morgan and US Bank are providing construction financing for the project, and Simpson Housing, Batson-Cook Development Company, and NGI Investments, LLC, led by Jim Borders, and are providing equity. Batson-Cook Construction and Swinerton Builders are the general contractors. The building is designed by Smallwood, Reynolds, Stewart, Stewart and Associates. The apartment homes will all have:
  • Nine foot ceilings with floor to ceiling glass
  • Quartz countertops
  • Hardwood floors
  • Stainless steel appliances and porcelain tile
Longtime Denver residents will recall the SkyHouse Denver site was home to the Cosmopolitan Hotel that was imploded in 1984. The site has served as parking lot for the last 30 years. SkyHouse Denver is the 14th SkyHouse-branded apartment community in the United States following projects in Dallas, Houston, Austin, Atlanta, Tampa, Orlando, Charlotte and Raleigh. The sustainable building is being built to Energy Star standards. It is expected to be delivered in mid 2016.
Members of the SkyHouse Denver development team and the City of Denver stand poised to break ground.

Members of the SkyHouse Denver development team and the City of Denver stand poised to break ground.

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Sustainability
Energy efficient awards bestowed to Colorado-based home builder
February 17, 2015 at 1:31 am 0
New Town Builders, a Colorado-based homebuilder won two awards for its Net Zero Energy home design at the National Association of Home Builders (NAHB) International Builders' Show (IBS). This year's winners were announced in Las Vegas at the annual IBS event. New Town's ArtiZEN Plan – designed to be as energy efficient as possible – was named Best in Green among Single-Family Production Homes by NAHB. This is the first year NAHB has given Best in Green Awards. "This year's group of winners truly represents the best of environmentally friendly building and remodeling," said NAHB Chairman Kevin Kelly, a homebuilder and developer from Wilmington, Delaware. "Not only are these homes beautifully designed, but they also take green building to the next level by using the most resource-efficient and innovative sustainable building practices available."
Artizen Home with solar panels. image Courtesy Center Reach Communications

New Town Builders' ArtiZen home with solar panels. Photo Courtesy Center Reach Communications

The National Sales and Marketing Council (NSMC), a council of NAHB, also recognized New Town's ArtiZEN Plan with a Gold Nationals Award for Best Green/Sustainable Home Design.  "We want to be a company that makes a difference," New Town CEO Gene Myers said. "The ultra-high-efficiency home world is relatively small, and it is a privilege to be recognized by our industry as delivering the very best in environmental science and design. More importantly, we hope that our example can lead more builders to deliver high-efficiency design at an affordable cost."
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