Amstar Acquires Premier Multifamily Site in Downtown Denver
In Partnership with Opus Development, Amstar Will Build a 285-Unit Luxury Apartment Project
DENVER, CO (February 15, 2012) – Amstar, a Denver-based real estate investment manager, announced today it acquired a 1.3-acre parcel at 15thand Delgany Street in the Lower Downtown (“LoDo”) neighborhood in Denver on which it plans to build a 285-unit, high-rise luxury apartment building. The 10-story building, which Amstar will develop in partnership with Opus Development Corp., will offer tenants a number of amenities, including balconies with mountain views, a pool and a well-appointed lounge area. The project is scheduled to break ground in the spring of 2012.
The apartment project will also feature 4,000 square feet of retail space on the ground level that will be occupied by the Museum of Contemporary Art (MCA). The building, not yet named, is being designed to achieve LEED certification. Units will include granite countertops and stainless steel appliances.
“Opus is thrilled to partner with Amstar to develop a project that will offer upscale living in a prime location in downtown Denver,”said Marshall Burton, senior vice president and general manager, Opus Development Corporation. “Its extensive amenities and proximity to Union Station, the Cherry Creek Trail and popular downtown neighborhoods as well as a partnership with the MCA will be very attractive to a variety of residents.”
Amstar Executive Director Kim Sperry cited strong fundamentals in the Denver market and significant demand for apartment rentals as the reasons for acquiring the site at this time. Sperry notes, “We are excited about the opportunity to play an active role in the continued growth and development of lower downtown Denver. This is a unique urban infill development opportunity in what is unquestionably one of the premier sites in the city.”
Urban Market Partners of Denver is assisting Opus as a co-developer. Shears Adkins + Rockmore will design the building; Opus AE Group Inc. will serve as architect of record. Jay Barry of The Barry Group was the broker in this transaction.