Palisade Partners is building a 73-unit apartment complex at 17th and Boulder Streets in Denver’s LoHi neighborhood.
The $10.3 million project, expected to be completed by July 2013, includes 75 structured parking spaces in a neighborhood that sorely needs them.
The apartments feature in-unit washers and dryers, nine-foot ceilings, granite countertops, stainless-steel appliances and tile bathrooms. All but a few units have balconies.
Amenities in the five-story building include a clubhouse, rooftop deck and a fitness room.
“It’s not meant to replace your gym, but it’s got a treadmill, elliptical, free weights and an exercise ball,” says Paul Books, president and founder of Denver-based Palisade Partners. “We’re excited about it. We think it will offer a great place for residents of the neighborhood to live.”
The average size of the apartments are 716 square feet. Lease rates have not yet been determined, but Books estimates they will average about $2 per square foot.
“When it comes to leasing next year, we’ll adjust according to the market,” Books says.
Apartment development is booming throughout metro Denver, which had a vacancy rate of 4.3 percent during the third quarter of 2012, according to the most recent report by the
Colorado Division of Housing. That’s down from 4.8 percent during the second quarter and 4.9 percent from the same period a year ago.
Average rents are also rising. During the third quarter of 2012, they were $986, compared to $989 during the second quarter and $936 a year ago.
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