Origin Investments Breaks Ground on $69M Colorado Apartments
- Aug 07, 2019
Origin Investments began construction on a $68.8 million multifamily project called Farm Haus Apartments in Longmont, Colo. The company teamed up with Massimino Development in building the rental property, which is located on the corner of Ken Pratt and East Third Avenues. The community will offer 280 one- to three-bedroom apartments spread throughout eight multi-story buildings spread on a nearly 14-acre property.
The apartments will be equipped with stainless steel appliances, an in-unit washer and dryer, walk-in closets and private balconies. Ranging in size from 761 square feet to 1,412 square feet, the apartments’ rents will start at around $1,275 a month.
About 12 percent of the apartments, or 34 units, will be set aside for residents making 60 percent or less of the area’s median income. This means that, for the affordable one-bedrooms, a person with an income of $47,760 will pay $1,278 a month; the affordable two-bedroom units will come in at $1,534 a month for an income limit of $54,540, while the affordable three-bedroom apartments will cost $1,772 a month for those making $61,380 or less.
The ground-up development also will feature two amenity buildings. The primary clubhouse will offer patios, a swimming pool and spa, outdoor areas with barbecues, firepits, a bouldering area, bocce ball court and a dog park. The second amenitized building, named The Barn, will feature a fitness center, outdoor yoga plaza, pet spa, bike wash and bike and ski tuning rooms.
Thomas Briney, Origin’s director of acquisitions, said in a press release that the Longmont area was appealing because of the proximity to Boulder, Colo., UC Health Long Peaks Hospital, and the new $340 million Smuckers production facility.
The first batch of 32 units is expected to be completed by fall 2020, with the following batches of 32 to 40 units coming online every six to eight weeks after.
Busy Building in Colorado
The Farm Haus project represents the second time the Origin-Massimino partnership worked together this year. The duo is also working on Connect at First Creek, a $35 million project that will bring 150 apartments online near the Denver International Airport by early September.
Earlier this year, Origin teamed up with Sherman Associates to build Aspire of Westminster, a 226-unit community in Westminster, Colo. The five-story building, which is scheduled for completion in early 2021, will also include 34,500 square feet of ground-floor retail space.