Greystar and Origin Investments Announce Plans for $96.1 Million 321-Unit Elan Pikes Peak Apartments in Colorado Springs

COLORADO SPRINGS, CO - Marking its first foray into the Colorado Springs market, Greystar – one of the country's leading residential real estate managers and developers – along with its joint venture equity partner, Origin Investments, announced today plans for Elan Pikes Peak in downtown Colorado Springs.

The $96.1 million 321-apartment, six-story Elan Pikes Peak will offer an amenity rich lifestyle in Colorado Springs’ urban center, meeting a growing demand for housing in the area.

“We are attracted to downtown Colorado Springs for a growing number of reasons and are thrilled to introduce this new community,” said Bo Chapman, managing director of development, Greystar. “Just an hour drive to Denver, Colorado Springs is located in the foothills of the Rocky Mountains, boasting an extraordinary quality of life, thriving arts community, relatively low cost of living and increased private and public investment in the downtown core. Additionally, the current supply of high-quality residences in the urban center does not meet the demand of the growing population of motivated, outdoor enthusiasts seeking the lifestyle Colorado Springs – and our new community – has to offer.”

When complete in mid-2023, Elan Pikes Peak – located at 400 E. Pikes Peak Ave. – will be downtown Colorado Springs’ largest apartment community. Featuring high tech touches such as smart thermostats, lighting and apartment entry, the project will offer a mix of stylish studio, one-bedroom and two- bedroom apartment homes ranging from 480 to 1,368 square feet. The apartment homes are also being designed with the shift to remote work in mind – many offering built-in desks – while amenity spaces include private and co-working spaces.

The community will include 368 parking spaces, 13,000 square feet of interior amenity space, and 25,000 square feet of exterior amenity space in three expansive courtyards – including a lap pool, spa, fitness courtyard, grilling area and Zen garden. Interior amenities include a clubhouse, game room, skydeck with sweeping vistas, two-story state-of-the-art fitness center, dog wash and bike shop. The community will also offer a 7,500 square foot dog park on an adjacent parcel to the north.   

“We are excited to be partnering with one of the preeminent national multifamily developers to bring Colorado Springs a development that will cater to the explosive growth being experienced there,” said Thomas Briney, director of acquisitions, Origin Investments.

Built for walkability, residents of Elan Pikes Peak will enjoy easy access to a range of amenities, from the U.S. Olympic & Paralympic Museum to the new stadium currently under construction for the Colorado Springs Switchbacks and outdoor concerts, plus dozens of restaurants, bars and retail establishments. 

“Colorado Springs is less and less the little brother of Denver,” Briney added. “Through several catalytic new developments, and substantial investment from city leaders, it’s beginning to bud as its own vibrant city.”

The builder for the project is Greystar Construction Group and the architect is Meeks + Partners.

Elan Pikes Peak started construction in January 2021 and will offer market rate rents starting at $1,400. For more information, visit www.greystar.com

About Greystar: Greystar is a leading, fully integrated real estate company offering expertise in investment management, development, and management of rental housing properties globally. Headquartered in Charleston, South Carolina, Greystar manages and operates an estimated $200 billion+ of real estate in nearly 200 markets globally including offices throughout the United States, UK, Continental Europe, Latin America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, managing more than 713,000 units/beds, and has a robust institutional investment management platform with approximately $37.2 billion of assets under management, including nearly $16 billion of assets under development. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world-class service in the rental residential real estate business. To learn more, visit www.greystar.com

About Origin Investments (OI): Origin Investments is a private real estate investment firm that provides institutional-quality real estate investments to individual investors, family offices and advisors. The firm acquires, owns, and operates multifamily real estate across fast-growing markets in the U.S. Since its founding in 2007, Origin has executed more than $2 billion in real estate transactions, more than 1,400 individuals have invested with us; the principals of the firm have invested more than $56 million alongside investors. Origin Investments prides itself on offering unparalleled service to investors. The firm has been consistently named a consistent top-performing fund manager by Preqin, an independent provider of data on alternative investments. Origin has amassed more than 7,000 units under management and is accepting new investors for its IncomePlus and Qualified Opportunity Zone Funds. To learn more, visit www.origininvestments.com

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