Grand Peaks Builds Colorado’s Largest Multifamily Project in 2 Decades

A collaboration with the Denver Public Schools Foundation ensures 10 teachers will live at the property rent-free for one year.

Highrise building
Skyline at Highlands is located in the northwestern part of Denver. Image courtesy of Grand Peaks

Real estate investment firm Grand Peaks has debuted Skyline at Highlands in Denver, Colo. A partnership with Denver Public Schools Foundation ensures that 10 units at the property will be set aside for public school teachers. The teachers will receive a one-year, rent-free lease and will be selected via a DPS foundation-administered drawing.

Situated at 2501 W 26th Ave. in the Highlands enclave of Northwest Denver, the development is the largest multifamily project to be built in the state of Colorado in 22 years. Skyline at Highlands will feature a total of 533 apartments. Residents are being given a choice of 525- to 720-square-foot studio units, 603- to 928-square-foot one-bedroom apartments and 828- to 1,066-square-foot two-bedroom apartments.

Construction on Skyline at Highlands launched in July 2022 and is anticipated to be complete in December of this year. Functional characteristics of the elevator-served community are that its four- and 15-story structure is set on a 2.7-acre site, with 197.8 units per acre. A total of 550 parking spaces are part of the development. The building will not only house market-rate apartments, but also feature a 93-room hotel.

Due diligence

“We got involved in this project after the initial design and entitlements had been created by the previous developer,” Elli Lobach, senior vice president of development at Grand Peaks, told Multi-Housing News. That led to challenges that included doing full due diligence and closing on the land for the $270 million project in just 45 days, as well as finding a general contractor in 2021, a particularly busy time in the market. “We were also making large-scale design changes that aligned with our ultimate vision for the project,” Lobach said.

“The expedited timeline and extensive design changes meant that the full team had lots of change orders to work through together throughout the entire project,” said Lobach. “Despite all these aspects, we were still able to keep very close to our original budget with the only overages being a result of the increases in interest rates during the construction cycle. To help mitigate interest exposure, we purchased rate caps.”

Concierge service

Features and finishes of the residences include in-unit washers and dryers, above-standard ceiling heights, microwave ovens in all units, high-speed Internet access and, in select units, private balconies or patios. Among the building amenities is personalized concierge service provided through a partnership with Experiential Living. Skyline at Highlands was designed by OZ Architecture. Weitz Construction is the project’s general contractor.

The Highlands neighborhood of Denver offers mountain views and a lively pedestrian-friendly setting with walkable restaurants and nightlife. The Interstate 25 freeway is nearby, as are multiple RTD transit stations.

Two months ago, Denver’s One River North property made news by according nature its highest priority.

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