DENVER, CO - Encore Multi-Family, LLC, a subsidiary of the Dallas-based Encore Enterprises, Inc., closed on the 5.83 acres of land that will set the stage for the future Encore Evans Station apartment community located in Denver, CO. The apartment community will be a 3-story, Class A, high density, garden-style, multi-family development consisting of 226 units with an attached club house.
The project is located just south of Denver's central business district in the South Broadway submarket. It is well-located, with walkable access to nearby shopping, restaurants, and nightlife. The Evans light rail station is within a half mile (7-minute walk) from the site and provides public transportation to downtown Denver and the DTC business corridor. Construction is expected to commence in early first quarter, 2016, pre-leasing during the fourth quarter, and completion in mid 2017.
"This is Encore's second of several planned multi-family communities in the Denver metro area," said Brad Miller, president of Encore Multi-Family. "We are naming the community Encore Evans Station due to the site's proximity to the Evans light rail station. The lower-density urban/suburban design will differentiate the community from other high density properties in the submarket and will include many interesting amenities including the largest pet park in the sub-market."
Denver's effective rent growth has topped 6% in each of the last 17 quarters including 10% annual growth in the last year, ranking it 3rd among the top markets nationally. Axiometrics reports that the annual rent growth average for the US was 4.31%.
"With Denver's booming economy, the development of a new apartment community will fit the growing needs leisure and work commuters," explained Bharat Sangani, chairman of Encore Enterprises. "Denver's apartment occupancy has remained over 94% since 2011. It has increased in each of the last 20 quarters and is currently at 96%."
ARA Newmark Managing Directors Chris Cowan and Steve O'Dell represented an undisclosed seller in the transaction.