Confluence Starts Work on Suburban Denver Apartments
- May 16, 2017
Confluence Cos. has broken ground on Timberline Farms, a 314-unit, garden-style multifamily community at 11700 West 58th Ave. in Arvada, Colo. The property will feature one-, two- and three-bedroom apartments, with the first building of the development slated to deliver in the second quarter of 2018, with the last building completed by the second quarter of 2019.
Common amenities will include a 6,500-square-foot clubhouse with a resort-size swimming pool, multi-purpose court in a barn, fitness club, enclosed bike storage, dog wash room and access to a community trail system that runs through the property and along Van Bibber Creek. The 26.5-acre property is adjacent to the Stenger Sports complex, which has more than 133 acres of dedicated open space.
According to the developer, the project is named to pay homage to the area’s agricultural roots and is designed to reflect its rural heritage. Though Arvada is now a major suburb of Denver with a population of more than 110,000, its earlier agricultural status earned it the nickname, “Celery Capital of the World.”
Craine Architecture Inc. designed the property, which combines traditional farmhouse designs with modern architectural elements. Confluence Cos. said it is intentionally keeping the streets narrow to provide a traffic “calming effect” and encourage pedestrian use. Sustainability is also a priority for the development, which will make community gardens available for its residents.
Michael Cantwell and David Treadwell of CBRE Capital Markets, Debt & Structured Finance, in Denver secured a $42.5 million construction-to-permanent loan on behalf of the developer. The 10-year loan amortizes on a 30-year schedule and carries a sub-5 percent rate, which was locked in early November. The lender is a confidential correspondent lender.