BROOMFIELD, CO - Titan Development and Pivot Development, leading real estate development and investment firms, have formed a joint venture to close on a new $80 million multifamily development in the Interlocken Technology Park within the MidCities District of Broomfield, Colorado, a suburb of Denver. The project is located directly off the Boulder turnpike, an important area thoroughfare.
Located on a 3.3-acre land parcel within the highly desirable Interlocken area, the new 254-unit luxury apartment complex is called The Lock at Flatirons and will feature upgraded fixtures and finishes in all units, a sky lounge, fitness center, resort style pool, bike storage and stations, secure access parking, technology packages throughout the property and co-working space. The new development is within walking distance from a number of retail, restaurant, and grocery amenities. The new project is uniquely situated at the midpoint between Denver and Boulder, giving future tenants easy access to both cities and nearby employers, including Oracle, CenturyLink, Ball Corporation, Salesforce, Uber, Vail Resorts and Urban Lending Solutions—all representing more than 7,000 jobs.
"This is an important investment for Titan's private equity platform," said Ben Spencer, Fund Manager and Partner at Titan Development. "We are excited to partner with Pivot and Olympus Property to deliver on a fantastic project in this fast-growing market." Olympus Property is a full-service, multifamily investment group and an equity investor in the project.
Titan and Pivot will work closely together to bring the project to fruition. Construction is expected to begin in the third quarter 2021, with completion planned within approximately 28 months.
"Broomfield is a market that has interested us for a while. The Lock at Flatirons not only provides much-needed housing for the influx of young professionals working at Interlocken Technology Park and Westmoor Technology Park, but also adds luxury options for the broader Broomfield community. With this location we are blending the amenities and excitement of urban living with the convenience and comfort of suburban living, offering the live-work-play lifestyle our residents desire," L. Matthew Hare, President and CIO at Pivot Development, said. "Pivot worked on this project for 18 months before the collaboration with Titan came together, along with our team of consultants and the City of Broomfield, to bring The Lock at Flatirons to life. We are very excited for our new collaborative relationship with Titan & Olympus Property."
The Lock at Flatirons is among many other high-end projects that Titan is planning and developing in the region via its Titan Development Real Estate Fund II (TDREF II), which closed in February of this year and is already 50% committed. Titan's previous fund is nearing completion, with more than 70% of the $112 million portfolio completed. Additional funds are coming soon and will support Titan's growing pipeline of multifamily and industrial projects.
"The Lock at Flatirons comes at a crucial time for Denver-area residents, as the local multifamily market has overwhelming demand," Josh Rogers, Vice President of Development at Titan Development, said, referring to Denver's burgeoning multifamily investment market, which puts Denver among the top 10 cities in the nation–even landing on the No. 1 spot for high-income renters, according to a new study published this year. "The ongoing housing shortage has also fueled rising rents," Josh continued. "Our Fund is investing in multifamily projects, like The Lock at Flatirons, and providing an attractive solution to these challenges."
Titan has a strong multifamily track-record, completing eight projects, for a total of 1,772 units, at a development cost of $246 million. In addition, Titan is currently constructing three multifamily projects with a total development cost of $147 million in New Mexico; and it has five multifamily projects in the planning stages in New Mexico and Colorado, while evaluating additional multifamily projects in Texas.