DENVER, CO - Allied Realty Services Ltd. and Amstar have announced plans to build a 332-unit apartment community on 4.5 acres near Interstate 25 and Speer Boulevard in Denver's Jefferson Park Neighborhood. The site consists of ten parcels of land acquired by Allied and Amstar over a two-year period. Demolition of the existing buildings will begin in April.
The development – officially known as 2785 Speer - will be LEED certified and feature four stories, including 10,801 square feet of ground floor retail space. With stunning views of the Denver skyline, the community will offer underground parking and a number of upscale community amenities including a two story fitness center overlooking Downtown Denver's skyline.
"2785 Speer will no doubt be a premier rental community in Denver, offering residents luxury living and easy access to downtown, sports venues and all of the metro-area, thanks to the project's close proximity to I-25," said Allied Principal Lauren Brockman. "We expect strong demand when we open the doors."
The apartments will feature patios/balconies, full-size washers and dryers, walk-in closets and granite countertops. The units will range in size from 600-square-foot one bedroom, one bath options to two bedroom, two-bath apartments with just over 1,300 square feet. Monthly rents will start at $1,300. "We think that our price point is very competitive, given the project's modern amenities and location," added Brockman.
Brockman expects the development, designed by Houston-based architects Meeks & Partners to be complete by late 2014.
Formed in 1985, Allied has extensive experience developing, constructing, leasing, and managing multifamily rental communities. 2785 Speer Boulevard represents the second investment between Amstar and Allied in Denver. The firm has successfully developed seven communities in Metro Denver. Allied's management division Orion Real Estate Services manages over 27,000 units nationally.
Amstar Group, LLC is a real estate investment manager with more than 25 years of experience in acquisition, development, and capitalization of office, hotel, multifamily, industrial, and retail properties in the United States and select markets in Europe and Latin America. Together, Amstar Advisers, LLC and Amstar Group, LLC, collectively referred to as "Amstar", have approximately $1.7 billion in assets under management. Amstar Advisers, LLC is an SEC-registered investment adviser with approximately $750 million in assets under management.