Greystar JV Breaks Ground on Colorado Community
- Feb 10, 2021
Greystar has entered the Colorado Springs, Colo., market by starting work on its $96.1 million residential project alongside its joint venture equity partner, Origin Investments.
The joint venture broke ground on Elan Pikes Peak and expects to complete the community in mid-2023. Greystar Construction Group is tasked with building the six-story community, while Meeks + Partners was responsible for the project’s design. Greystar also worked with Meeks + Partners for its 284-unit community in Houston that the company recently began pre-leasing at.
When completed, Elan Pikes Peak will be the largest apartment community in downtown Colorado Springs, offering 321 units in studios, one- and two-bedroom floorplans ranging in size from 480 to 1,368 square feet. Units were designed with smart home tech of thermostats, lighting and keyless entry while also accommodating for the rise of remote work with built-in desks.
The community’s 25,000 square feet of exteriors amenities will include a lap pool, spa, fitness courtyard, grilling area, Zen garden and 368 parking spaces while the interior amenities total 13,000 square feet and will include a clubhouse, game room, skydeck, fitness center, dog wash and bike shop. Residents will also get access to a 7,500-square-foot dog park in an adjacent parcel north of the community.
Located at 400 E. Pikes Peak Ave., Elan Pikes Peak will be built near the area’s local attractions like the U.S. Olympic and Paralympic Museum and a new stadium that’s currently under construction for the local soccer team. The community is also located near Interstate 25, giving residents access to Denver that’s more than an hour away.
THE NEW DENVER
During an Origin webinar, Michael Episcope, Origin’s principal & co-founder, said that the investment firm was immediately interested in Elan Pikes Peak based on its location alone. Episcope explained that the rapid growth Denver is experiencing is pushing more people south and generating a lot of demand for areas like Colorado Springs. The Origin principal added that the Colorado Springs area was comparable to Denver and its rapid growth 10 to 15 years ago.
But the area’s current supply isn’t enough to fulfill the demand for high-quality homes from a growing population in Colorado Springs, Bo Chapman, Greystar’s managing director of development, said in prepared remarks. Chapman added in his prepared statement that Greystar was attracted to the area due to its location an hour away from Denver, its relatively low cost of living and the amount of private and public investment into the downtown area.