Stir the Dirt and Scatter
Just to prove there is new apartment construction happening - somewhere.
$81.23M Joint Venture Equity Arranged for Alexan Pena Station
April 1, 2024 -- Mile High CRE
Quote:
Berkadia has arranged $81.23 million in joint venture equity for Alexan Pena Station, a to-be-built, 578-unit multifamily development in Denver.
Alexan Pena Station, located at the southwest corner of 64th Avenue and Dunkirk Street, the community will be built on a 20-acre site with over 725 parking spaces. Alexan Pena Station will feature one-, two-, and three-bedroom floor plans and will include 46 affordable units, providing access to housing for individuals earning 60% of the area median income. The project will be built over two phases and spread out over 12 buildings with an average unit size of 976 square feet.
Berkadia arranged the equity through MBK Rental Living, a privately held real estate investment and development firm. MBK is a wholly owned subsidiary of Mitsui & Co., Ltd., a global Fortune 500 company.
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This is a Trammell Crow Residential project carrying the "Alexan" brand but it's quite interesting how they have pivoted to offer "Workforce" housing with an average unit size of
976 square feet. Clearly they're taking advantage of the lower land costs and ease of development. They may even benefit from lower construction costs given the timing of the market.
Alexan Pena Station
Courtesy Trammell Crow Residential
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Aurora Breaks Ground on Atria at Metro Center for Senior Affordable Housing
June 5, 2024 -- Naked Denver Staff
Quote:
Atria at Metro Center will feature 222 apartments, with a mix of one-bedroom and two-bedroom units, and amenities such as a pocket park, clubroom, theater, business center, beauty salon, and fitness center. This development is Dominium’s first in Aurora and is expected to open in December 2025. Situated across from the Aurora Municipal Center, the units will dedicated for seniors aged 55 and over, with incomes between 30 to 70% of the Area Median Income.
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Atria at Metro Center
15025 E. Center Ave
Images courtesy Dominium
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JHL Begins Construction on The Sophia Apartments
April 30, 2024 -- Mile High CRE
The Sophia -- Englewood
Courtesy: Galloway
Quote:
JHL Constructors has begun construction on its latest project, The Sophia Apartments in Englewood, a vibrant new senior affordable community, spanning six stories and 153,200 square feet, for those aged 55 and over.
Designed by Galloway & Company, this development will feature 158 one- and two-bedroom units and will meet the 2020 Enterprise Green Communities Criteria, marking it as a community that aligns affordable housing with environmentally responsible building practices and promotes the health and well-being of its residents.
“We are thrilled to break ground on The Sophia Apartments alongside Shea Properties and Galloway,” stated Jeff Johnson, vice president at JHL.
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Alliance Construction Solutions Breaks Ground at 38th and Tennyson
March 27, 2024 -- Mile High CRE
Quote:
Alliance Construction Solutions is delighted to be the general contractor for the new 38th and Tennyson apartments, a collaborative venture between JAB Real Estate and Denver-based Founding Architecture Studio. The project broke ground this month.
Nestled in the intersection of 38th and Tennyson, this development offers future residents a promise of comfortable living in the heart of an exuberant urban setting, surrounded by local boutiques and culinary attractions.
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Rendering courtesy of Founding Architecture Studio
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ULC Breaks Ground on 102 Affordable Apartments on West Colfax
May 29, 2024 -- Mile High CRE
Quote:
Urban Land Conservancy (ULC), a Denver-based nonprofit real estate organization, and Pinkard Construction, a Lakewood-based general contractor, broke ground on The Irving at Mile High Vista on May 29, featuring remarks by Denver Mayor Mike Johnston.
The Irving at Mile High Vista features 102 affordable apartments (studios and one-, two- and three-bedrooms), serving households making 20-80% of the area median income (AMI). The Irving will be built on West Colfax at Irving Street, in the West Colfax neighborhood. It is one of the first developments to use Prop 123 affordable housing financing approved by voters in 2022.
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The Irving at Mile High Vista
Anybody spot Mayor Mike?
Images courtesy Urban Land Conservancy