Origin JV Builds $118M Colorado Community
The firm is partnering with Jackson Dearborn Partners on the garden-style development.
Origin Investments and Jackson Dearborn Partners have officially partnered for the first time and will develop a $117.9 million multifamily development in Colorado Springs, Colo. The joint venture already started the preliminary site work for Solace at The Ranch earlier this year and is expecting to start foundation work in the next couple of weeks, Tom Briney, managing director at Origin, told Multi-Housing News.
The firms tapped Sub4 Development as the project’s general contractor, with the first units slated for delivery by the end of 2024. The remaining units will be phased in over a period of several months, according to the developers.
The three-story garden-style community will have 374 units in one-, two- and three-bedroom floorplans spread across 21 residential buildings. The units will average 1,046 square feet, but there will be 12 carriage house-style units in two- and three-bedroom floorplans that will have a slightly larger average unit size.
The developers will be building the units with stainless steel appliances, 48-inch cabinets and quartz countertops, while the community’s amenities will include a fitness center, a swimming pool, outdoor gathering places and community rooms.
Located at 7718 E. Woodmen Road, Solace at The Ranch will be 10 miles northeast of downtown Colorado Springs, as well as 7 miles away from the Colorado Springs airport. The location offers residents an approximately 30-minute drive to the area’s major employers like St. Francis Hospital or the many businesses found in the Denver Tech Center.
Long-term confidence in Colorado Springs
Besides Solace at The Ranch, Origin is also working on three other multifamily projects in downtown Colorado Springs that total more than 800 units and $261 million in project value. In October, Origin and its joint venture partner Greystar started construction on the 207-unit Elan Rio Grande that’s slated for completion in fall 2024.
Origin and Greystar are also working on two other multifamily projects in Colorado Springs, including the 321-unit Fiona that’s expected to be completed in summer 2023 and the 277-unit Ensley that will be delivered in late 2023. Briney said the firm remains very bullish on the Colorado Springs market.
“We continue to evaluate opportunities for both ground-up development and acquisition,” he told MHN. “Origin is focused on being a long-term holder of quality assets, and Colorado Springs is a market we intend to be in for the long term.”