Behringer Harvard Invests In Trammel Crow’s New Construction in Denver
- May 13, 2008
By Erika Schnitzer, Associate EditorDenver–Behringer Harvard, an Addison, Texas-based real estate investment company, announced its investment in Trammell Crow Residential’s 400-unit rental community, Alexan Prospect. “The site is strategically located in the strongest rental submarket in the Denver area, thus fitting nicely with our transportation-oriented portfolio,” Mark Alfieri, senior vice president of Behringer Harvard, tells MHN. The community’s plans include 367,433 sq. ft. of rentable space. Construction is expected to begin Oct. 1. Located in the Central Platte Valley, a 120-acre area immediately west of Denver’s central business district, the property will provide easy access to Interstate 25. Additionally, the site is within walking distance of Union Station, which is being redeveloped into a regional transit hub with light rail, commuter rail and buses. One-bedroom units will rent at between $1,075 to $1,350 per month, and two-bedrooms will range from $1,600 to $1,800. Amenities include a clubhouse with a community room, fitness center, yoga center and business center and an outdoor living room and pool. The target demographic for the property are young professionals, says Alfieri.The site was previously an industrial area surrounded by rail yards and warehouses. Plans are underway to convert the area into a mixed-use urban neighborhood with 90 acres of parks and 3 million square feet of offices, shops restaurants and hotels. In addition, Alexan Prospect is located close to Coors Field—home to the Colorado Rockies—the Lower Downtown (LoDo) and Prospect Park neighborhoods, Commons Park and the Highlands shopping district.