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October 27, 2020
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CRE Development Investments Starts Work on 115-Unit Denver Multifamily Development

10/06/20

CRE Development Investments has begun work on Art District Lofts, an eight-story, 115-unit res development located at 1275 Santa Fe Drive in Denver, CO. Construction of the project, which also includes 2.6k sf of ground-floor retail space, is being financed with a $26 mil loan provided by Parkview Financial.

Situated on just under one-half acre of land, the property will consist of 51 studios, 55 one-bedroom units and nine two-bedroom units with an average unit size of 548 sf. The studios and one-bedroom units are larger than micro-units in the area but smaller than typical conventional apartments. Additionally, residents will be able to enjoy the amazing city and mountain views from amenity decks and private balconies, fitness center, rooftop deck, and secure bike parking. It will also include 48 garage and surface parking spaces.

“This project provides a smaller unit size which is attractive to a rental pool seeking new, amenity-rich space at a more affordable price point as compared to other nearby conventionally sized apartment units,” said Paul Rahimian, CEO with Parkview Financial.

Like most central business districts on a national basis, due to the COVID-19 crisis, downtown Denver has experienced an increased vacancy rate and decline in jobs. However, Parkview anticipates the market to recover and remain a destination for new residents (particularly well-educated millennials) and high-profile employers.




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