RedPeak Properties to Break Ground on New Apartment Complex
- Jul 18, 2012
RedPeak Properties is breaking ground on a new apartment complex in Denver’s uptown neighborhood, The Denver Post reports. Located between 18th and 19th avenues and Logan and Pennsylvania streets, the 302-unit apartment complex—One City Block—was designed and will be built to achieve LEED Silver Certification.
The complex will feature studios and one- and two-bedroom units, with units having an average size of 700 square feet. The urban design of the community was influenced by early Denver architect, Frank Edbrooke. The complex will be made up of four buildings, each of which will be named after a Denver city park: Washington, Benedict, Commons and Congress. The estimated monthly rents, which will include an underground parking space, will range from $1,200 to $2,800.
According to Mike Zoellner, president and chief executive of locally-based RedPeak, the site of the development—currently occupied by surface parking lots—was acquired six years ago. The One City Block development comes at an ideal time, as the uptown market is strong and Zoellner anticipates an energetic leasing activity.
RedPeak Properties currently owns and operates 10 apartment communities in downtown Denver and across the greater Denver metropolitan area. The company’s portfolio includes over 2,200 apartments.
The increased demand for rental units caused by falling vacancies has led to a construction boom in the metro Denver apartment market. According to a recent report released by Marcus & Millichap, demand will outpace the wave of new inventory and will push year-end vacancy down 20 basis points to 5.2 percent. The asking rents for the Class A rentals rose 1 percent in the first six months of 2012 reaching $1,086 per month.
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Illustration Courtesy of: www.redpeak.com
Chart Courtesy of: www.marcusmillichap.com