Greystar JV Opens Denver Community
BMO Bank originated a $48 million construction loan for this development.
Greystar, alongside Ivanhoé Cambridge and the Public Sector Pension Investment Board, has opened The Dorsey, a 230-unit community in Denver.
The developer broke ground on the project in 2020, financing its construction with a $48 million loan originated by BMO Bank, Yardi Matrix data shows.
The 13-story community encompasses studio, one- and two-bedroom apartments ranging from 459 to 1,370 square feet. Units feature smart locks, stainless steel appliances, quartz countertops, roller shades and wood-style flooring.
Community amenities include coworking spaces with conference rooms, a lounge equipped with a pool table and various games, a sun deck with lounge chairs and fire pits, a gym, a bike storage, EV charging stations, as well as a ski and bike repair workshop.
Located at 600 Park Ave. W. in Denver’s Five Points district, The Dorsey is 1 mile north of U.S. Route 287 and 3 miles east of Interstate 25. Employers such as Presbyterian Saint Luke’s Medical Center and Denver Health are within a 2-mile radius, while Ball Denver and DISH Network are within a 10-mile radius.
Denver’s deliveries don’t dwindle
A recent Yardi Matrix report reveals that Denver’s construction pipeline amounted to 42,334 units in November 2023. The first 11 months of last year were fruitful for deliveries in the metro as developers brought online 8,259 units—representing 2.6 percent of Denver’s stock and surpassing the national average by 50 basis points.
A total of 80 percent of the properties completed during the same period in the Mile High City pertained to the lifestyle category. One such community, NOVEL White Fence Farm, came online in October.
