Land Rush for Multifamily Sites
"Crazy strong fundamentals" mean 2015 could be a fun year for land in Denver.
Developer interest in Denver sites for new multifamily picked up in 2014, and ARA Colorado principal Chris Cowan (snapped at a previous Bisnow event), who specializes in land deals, tells us this will continue because of a lack of viable sites and those “crazy strong fundamentals." He expects the usual seasonal slowdown (it's hard to fit land into a Christmas stocking) heading into Q1, but the Denver train is moving and "everybody wants on it.”
Chris brokered the recent sale of 1.25 acres at 1915-1985 Logan St in Uptown to Trammell Crow, which is planning a 12-story, 372-unit apartment tower, Alexan Uptown. Chris says Denver appeals to a wide range: “Whether it’s a recent graduate coming from Boston, a techie relocating from California, or an institutional capital stack wanting a piece of this ‘cowtown,’ Denver multifamily development is well-positioned for 2015 and beyond."
