Cityview Targets Denver For New Multifamily Investment
Cityview and Dinerstein to develop Colorado Station – 350 luxury apartments
Cityview, an investment management and development firm focused on urban multifamily real estate, announced today that it has acquired a property in Denver that it will develop in partnership with The Dinerstein Companies, one of the nation’s largest developers.
The proposed class-A, 350-unit multifamily development will be named Colorado Station, replacing an underutilized retail center which currently exists on the site. The property is located minutes from Cherry Creek and is a short light rail ride to both Downtown and the Denver Tech Center, Denver’s primary employment hubs. The transit-oriented development will anchor the southeast corner of Colorado Boulevard and Evans Avenue.
“Denver, like all of the markets in which Cityview invests, is ideal for us given the city’s increasing population, healthy lifestyle, proliferation of good jobs and the fact that housing there is simply in short supply,” said Sean Burton, chief executive officer of Cityview. “These are the factors we look for when choosing where to invest our capital and Colorado Station fits squarely in that strategy.”
The project will feature high-end interior finishes and best-in-class amenities such as a resort-style pool, aqua lounge, outdoor cabanas, mountain-facing roof terrace, expansive fitness center and even a virtual skiing simulator on site. Cunningham Group Architects have designed a contemporary apartment community with warm mountain modern finishes.
“We see tremendous opportunity in the Denver market and the location of Colorado Station—conveniently located in between several business centers—is ideal,” said Tony Cardoza, managing director at Cityview. “We are also very excited to work with Dinerstein as they have a tremendous reputation in the multifamily industry for quality, sustainable projects that are built to endure.” The equity capital Cityview is providing to purchase the property is from its Cityview Western Fund.
Under this partnership, Colorado Station will add to Cityview’s growth as a leader in sustainable development. In this spirit, the project will incorporate a green roof system, electric vehicle charging stations, energy efficient appliances and several other sustainable elements. Cityview’s partnership with The Dinerstein Companies brings 61 years of award-winning development experience to the project.
“Cityview is an ideal partner for us given their long and successful track record of sourcing, financing and delivering best-in-class multifamily developments,” said Josh Vasbinder of Dinerstein. “Cityview’s core competency of focusing on urban neighborhoods will be invaluable to us throughout the life of this project, and we look forward to delivering with them a unique building that both complements and enhances the community.”
Groundbreaking on the project is slated for August 2017 with completion expected by the second quarter of 2019.
Cityview is a premier developer and investment management firm focused on urban residential real estate in the Western and Southwestern United States. Cityview targets multifamily housing ventures in metropolitan markets which are often overlooked due to the complexity of the transaction and other development challenges. At the center of the firm’s success is its strong professional team which possesses unparalleled expertise in real estate, development, operations and finance. Cityview’s investors include some of the largest and most sophisticated public pension plans and financial institutions in the country. Cityview was founded in 2003 and is headquartered in Los Angeles. The firm has regional offices in San Francisco and San Antonio, Texas. For more information, please see www.cityview.com.