Allied Realty is building an $80 million apartment project in Denver’s Jefferson Park neighborhood.
The 332-unit complex will sit on 4.5 acres just west of Interstate 25 on Speer Boulevard. It also will include 10,800 square feet of retail space facing Speer and two levels of underground parking.
The project’s amenities will include an outdoor patio with grilling facilities; resort-style lap pool; a kitchen in the club room; a Bocce ball court; and fitness center. Apartments will include balconies; full-size washers and dryers; walk-in closets; and granite countertops.
Units will range in size from a 600-square-foot one bedroom, one-bath to a 1,300-square-foot two-bedroom, two bath apartment. Rents will range from $1,300 a month to $2,300 a month.
Demolition of the existing buildings on the site will begin next week, said Lauren Brockman, principal of Allied. The project is expcted to be completed in July 2014.
Amstar is Allied’s equity partner. The project is being designed by Houston-based architect Meeks & Partners and built by Swinerton Builders Colorado.
Because its location is not in the middle of a neighborhood filled with single-family homes, the project isn’t likely to draw the opposition that a proposed147-unit project in the West Highland neighborhood has, Brockman said.
“The neighborhood has been supportive of this because it meets their comp(rehensive) plan,” he said.
While there are a number of apartment projects under construction in the nearby Highland neighborhood, nothing suggests that the area is in danger of being overbuilt, said Ryan McMaken, spokesman for the Colorado Division of Housing.
The downtown vacancy rate is 4.4 percent and the vacancy rate for northwest Denver is 5.5 percent.
“I don’t see anything in our data that would raise any red flags for this project,” McMaken said.
The rental rates also are consistent with those throughout the metro area. Of the 108,000 apartments included in the survey, only 3 percent lease for $1,500 or more, McMaken said.
“It gets higher the closer you get to downtown,” he said.
Margaret Jackson: 303-954-1473 or mjackson@denverpost.com
