ReyLenn Properties Opens Denver Luxury Community
- Jun 12, 2020
Solana Stapleton, a new luxury rental property from ReyLenn Properties on the one-time site of Denver, Colo.’s Stapleton International Airport, has opened. It is the Stapleton community’s first market-rate apartment property to be developed by a third party.
Solana Stapleton is built on one of the few vacant land tracts that remained in the master-planned Stapleton community, now home to 38,000 residents and at the end of its 25-year buildout. It is adjacent to Fitzsimons/Anschutz Medical Campus, housing more than 25,000 employees and students, and the Fitzsimons Light Rail Station, with connections to the downtown Denver and Denver Tech Center job hubs, as well as the airport.
“The master developer was Forest City, and they do their own multifamily and had a complete monopoly,” Jason Smith, partner with ReyLenn Properties, told Multi-Housing News. “They decided to put up a parcel for sale. It was an incredibly unique opportunity.”
The 280-unit Solana Stapleton features 11 residential buildings and a clubhouse. Residences are offered in a blend of one-, two- and three-bedroom layouts, with rents beginning at $1,549 monthly. An outdoor beer garden with gaming and a pizza oven is among the apartment community’s most noteworthy amenities.
One of the primary challenges ReyLenn Properties faced in developing Solana Stapleton was that the 9.8-acre site exists in two different municipalities. “Primarily, the site sits in Aurora, but the clubhouse and the pool and some amenities are in Denver,” Smith said.
“We had two entitlements that were not connected to one another. Jason Batchelor, the (Aurora deputy) city manager, enabled us to get this done (and) was very key in making sure his overall team, and everyone at the city, were doing everything they could and giving us the comfort to know we were going to have a project.”
Aurora was the location of a $30 million multifamily community sale earlier this year.
Solana Stapleton was designed by KTGY Architects, Norris Design and Trio Interiors. The development was built by ReyLenn Construction Co. Apartments will be operated under the management of national property management company Mission Rock Residential. This is the fifth Solana brand community to open, following Cherry Creek, Boulder, Arvada and Highlands Ranch, all located in the Denver metropolitan area.
“We started designing this about four years ago,” Smith said. “We’ve had really strong interest. It’s been great. We think we’re going to have strong demand.”