Greystar JV Starts Construction on $83M Colorado Community
The joint venture is also developing two additional projects in the same area.
Elan Rio Grande lobby rendering. Image courtesy of Greystar
Greystar and Origin Investments have begun construction on their $83.1 million joint venture community in Colorado Springs, Colo. Elan Rio Grande is a Class A property that will feature 207 apartments, located at 602 S. Wahsatch Ave.
This is the third Greystar-Origin development in the Colorado Springs area. Elan Rio Grande is being built next to another property in the partnership’s portfolio. All three assets–the Ensley, the Fiona and Elan Rio Grande–are located in Opportunity Zones and bolstered by TIF programs. Together they total more than 810 units with a combined construction value of more than $261 million.
The community will include 57 studios, 109 one-bedrooms, 28 two-bedrooms and 13 three-bedrooms ranging from 651 square feet to 1,622 square feet. Select units in the six-story development will be penthouse-style homes.
Designed as “natural luxe” by architect Meeks + Partners, apartments will include organic materials and monochromatic wood accents. Greystar Construction Group is the builder.
Community amenities will expand some 15,000 square feet and feature a coworking area, fitness center, pool, sky lounges and bike storage. There will be 207 parking spaces in a two-story building.
Elan Rio Grande is situated one hour south of downtown Denver. Colorado Springs offers residents access to outdoor recreational options and an urban downtown center. In proximity to the property is the U.S. Olympic Training center and U.S. Olympic Museum.
Other JV Colorado Springs communities
The property is scheduled for completion in fall 2024. The other two Colorado Springs projects being developed by the partnership are anticipated to deliver in 2023.
The Fiona is a 321-unit asset set to be the area’s largest apartment community. Homes will range from 480 to 1,368 square feet. Located at 400 E. Pikes Peak Ave., the property will include 25,000 square feet of amenities including a lap pool and fitness courtyard. The Fiona is a $96.1 million project.
The Ensley will be a five-story, 277-home project with studio, one- and two-bedroom homes. According to Yardi Matrix data, there is currently a $57.9 million construction loan on the property lent by BMO Harris Bank. It is situated at the intersection of Cimmaron and Weber.
The Greystar-Origin joint venture projects are in an area with rapid growth comparable to Denver some 10 to 15 years ago. In the last three years, Colorado Springs has seen 52,000 new residents and 32,000 jobs added to the local market.
