Last Year’s Largest Apartment Communities Completed in Denver
- Apr 05, 2016
Denver—The Mile-High City has been struggling to meet the strong apartment demand for years on end. The high occupancy boosted even further in recent years but this growth is down from earlier figures, and increases are expected to slow during 2016. According to Yardi Matrix, the average rental cost for an apartment in Denver is currently $1,386, but if one only takes apartments completed since 2010, the average rent rises to $1,849.
As the city’s population grows, the new buildings get taller and encroach on areas that once consisted of quiet neighborhoods with single-story homes. But Denver needs to accommodate economic growth and the influx of young adults who flock to the area in search of new opportunities.
Denver apartments are in demand, and developers have been responding to the need for upmarket rental properties. We showcase the top 5 rental developments completed in 2015.
1. Westend, 390 units
This 390-unit development from Greystar reflects up-to-the-minute design aesthetics both inside and out. With modern looks definitely designed to appeal to the young, and units consisting of one- and two-bedroom apartments, the target market is clearly singles, couples and young families with one child. All the excitement happens at rooftop level, with amenities including a pool, outdoor grill and fireplace and community lounge. (Image courtesy of the Westend Official Website)
2. 2785 Speer, 332 units
This complex of 4-, 5- and 6-story buildings from the Allied Orion Group comprises 332 one- and two-bedroom units. Once again, the emphasis is on clean-cut, modern aesthetics and apartments for young couples just starting a family. Apart from offering the almost standard, resort-style pool, this development offers a touch of the eclectic with a 24-hour yoga room complete with virtual trainer. An outdoor entertainment area with fireplace caters for the entertainment and social needs of residents. (Image courtesy of the 2785 Speer Official Website)
3. Platform at Union Station, 332 units
Holland Development was responsible for the construction of this 287-unit, 17 story-community in downtown Denver. Branded as high-end thanks to the contemporary interior finishes and 17th story pool deck, the target market is clearly identifiable as young, trendy and affluent. Close to popular Denver attractions, the Green Building features its own spa, and apartments range from a handful of studios to one- and two-bedroom units with quartz countertops and artsy tiles. The package is rounded off with views of downtown Denver and the Rocky Mountains through big glass windows. (Image courtesy of the Platform at Union Station Official Website)
4. Alta City House, 281 units
Wood Partners, in a joint venture with East West Partners and USAA Real Estate Co., have created a modern yet retro feel with this 281-unit development completed in May 2015. Although this community includes a handful of three-bedroom apartments and 87 two-bedroom apartments, the focus is still on the one-bedroom units for couples or singles. Definitively dog-friendly with a dog park and run and even a dog-wash facility, dog-owners nevertheless have their share of outdoor entertainment facilities. (Image courtesy of RENTCafé)
5. Steele Creek, 218 units
A focus on two-bedroom apartments, closely followed by one-bedroom apartments, coupled with its location in Central Denver brands this development from UDR Apartments as a residence for young couples with busy lives. Interestingly, upmarket Denver apartments are less likely to have the fitness centers that are practically standard in many other cities, but this development boasts one, as well as a pet-friendly policy and a rooftop pool. The building is also proposed for LEED Gold certification.
Although the supply of rental apartments in Denver is rising to meet demand, the market is by no means saturated, and rentals in the city are commanding strong rents with steady growth. To search for more rental apartments in Denver, visit RENTCafé.com.