DENVER, CO - CMG Capital began construction on Momentum at First Creek, a $50 million multifamily rental project in Denver. The company partnered with Massimino Development on the property located at 56th Avenue & Telluride Road within the high-growth corridor of the Denver International Airport.
The Momentum project is the second CMG Capital and Massimino Development partnership in Colorado. The two companies broke ground on Farm Haus Apartments in Longmont in August 2019.
The development offers an astonishing array of amenities featuring a 7,750 square foot clubhouse with an impressive resort-style lobby and 24-hour state-of-the-art fitness center, a coffee bar, co-working offices, expansive lounge areas, a game room and indoor/outdoor kitchens, along with a dog wash. The property will offer the most robust outdoor amenity program in the market including a resort style pool, oversized spa, two water features, pool cabanas and a pool pavilion featuring two outdoor televisions. Fire pits, al fresco dining areas, a BBQ pavilion outfitted with gas grills and a pizza oven make for awesome meals. Televisions, outdoor game areas, a bocce ball court, dog park, playground and walking path complete the outdoor amenities.
"There is nothing like this property in the sub-market," said Shawn Chemtov, CEO of CMG Capital. "The amenities are unparalleled and we believe that there is a pent-up demand for this type of development."
Momentum at First Creek will offer 200 one, two, and three-bedroom luxury apartments encompassing six residential buildings on almost eight acres. Apartments include designer kitchens featuring stainless steel appliances, quartz countertops and large islands. They offer oversized private balconies, full-size washers and dryers and faux wood plank flooring. Master suites feature spacious walk-in closets, double vanities, oversized tubs, and nine-foot ceilings.
Units range in size from 620 square feet to 1,412 square feet. Rents will start at $1,395 and units will be available in April 2022.
Chemtov is a limited partner in Connect at First Creek, a 150-unit multi-family development directly adjacent to Momentum developed by Massimino Development. Connect at First Creek's property lease–up began at the peak of the pandemic and is currently stabilized, averaging 18 units per month during lease-up.