Etkin Johnson Real Estate Partners has named Allied Orion Group to oversee property management at FalconView Apartments, a 288-unit luxury multifamily development in Colorado Springs, Colo. The project kicked off in early 2018, funded by a five-year, $45 million loan from PNC Bank, according to Yardi Matrix. The developer anticipates construction will wrap up by October 2019.
Located at 10691 Cadence Point alongside the CanAm Highway, the community’s development site is situated near the U.S. Air Force Academy, 12 miles north of downtown Colorado Springs. The project is close to several major employers, including Lockheed Martin and Cherwell Software, and several retail and hospitality assets are in the immediate area. In 2020, Centura Health plans to begin building a hospital adjacent to the property, according to The Gazette.
Upon completion, the community will have a total of 16 three-story buildings across 19 acres. Plans for the property’s amenity mix include an outdoor swimming pool, a spa, a fitness center, a recycling center, a dog park and ski, snowboard and bicycle maintenance stations.
Metro Denver’s multifamily sector has been booming, with major population increases and economic gains driving growth. While on a smaller scale, Colorado Springs reflects the same trend: More than 2,000 rental units are under construction and nearly $250 million in multifamily sales have closed this year, according to Yardi Matrix data. In June, The Bascom Group led a joint venture in a $41.2 million portfolio acquisition in the area.