Schnitzer JV Breaks Ground on Denver Luxury Apartments

The Avant. Image courtesy of Davis Partnership

Schnitzer West Living , the new multifamily development arm of Schnitzer West LLC and co-equity development partner Mitsui Fudosan America have broken ground on The Avant, a 337-unit luxury apartment community located at the intersection of Greenwood Plaza and East Caley Avenue in Denver. The project is the subsidiary’s first multifamily development. A JLL Capital Markets team arranged the joint venture, and lead construction financing procurement on behalf of MFA. The community is projected to open in the spring of 2025.

SW has tapped Davis Partnership Architects for the building’s architectural and interior design and has hired PCL for construction. After the project’s completion, the apartments will include high-end appliances, energy-efficient thermostats, quartz countertops, walk-in closets and private outdoor decks. The community will feature a swimming pool with a hot tub, a clubroom, music room, fitness center, business center, an indoor parking garage and an outdoor terrace that faces Fiddler’s Green, one of the city’s largest amphitheaters. Situated in one of Denver’s most affluent neighborhoods, the community will be within walking distance of numerous upscale dining and entertainment venues, and it is within 11 miles of the city center.

Brett Leonhardt, Senior Investment Director at Schnitzer West detailed the importance of the location further, telling Multi-Housing News, “We are seeing strong rental demand across the Greater Denver market, particularly in “first ring” locations. These urban-adjacent communities not only provide an easy commute to work, but also great connection to lifestyle amenities that surround the city.”

The JLL team overseeing the financing was led by Senior Managing Director Leon McBroom and Director William Haass.

Denver’s mountain of investment

Boosted by a recovering economy and job growths in its professional sectors, the Denver multifamily market’s investment and development activity have stayed strong, despite decreases from previous years brought about by economic headwinds. Through July, the city has delivered 4,424 units, 40 basis points above the national average, and has seen $4.6 billion in transaction activity dating back to August of 2021, according to data from a September 2022 Yardi Matrix report. Luxury developments have continued to reign over the city’s pipeline, with 87 percent of deliveries and 90 percent of ongoing projects belonging to the upscale.

Two recent headlines involving luxury properties from around The Centennial State capital include EverWest’s $115 million sale of 360 Degrees, a 304-unit community in Centennial, in addition to CORE Pacific Advisors’ $150 million purchase of a 394-unit garden-style development in October.