New Builds in 2015
Denver is Big for
Business
5 Largest
Estimated Date Community
of Completion* Name
# of
Units
City
Developer
8/30/15
Crossroads
408
Denver
Carmel Partners
5/30/16
Littleton Commons
385
Littleton
Forestar Capital LLC
2/28/16
Alexan Sloan's Lake
369
Denver
Trammell Crow Residential
5/30/16
Residences at Dry Creek
360
Broomfield Wolff Company, The
1/31/15
MileHouse
353
Denver
Holland Residential
Holland
Residential’s
MileHouse is
expected to fill
their 353 units
in 2015.
www.milehouseapts.com
5 Smallest (minimum 50 units)
Estimated Date Community
of Completion* Name
# of
Units
City
Developer
2/15/15
Peregrine Place
65
Denver
Catamount Properties, Ltd.
9/30/15
MOTO
64
Denver
Elevation Group LLC
2/28/15
Lumina
61
Denver
Treehouse Development
2/28/15
Platt Park North
54
Denver
Pando Holdings, LLC
2/28/15
Avenue 8 at Mayfair
51
Denver
Old-Vine Property Group
-Data Courtesy of Cary Bruteig, Apartment Appraisers
16 | TRENDS • JANUARY 2015
The Denver metro area has come
out of the recent recession as a top
choice for people and companies.
Colorado was ranked the third best
place for job growth in 2013 and it
continues to add jobs at a faster pace
compared to the national average
in 2014 (Silverstein, Metro Denver
Economic Update, 2014). The state
is ranked the fifth-best business
friendly state by Forbes in 2013
while Denver was recently ranked
also by Forbes the fourth-best place
for business. Denver is becoming
one of the hottest places for new
businesses and entrepreneurs, a
top-10 metro area for relocation
of young professionals (Forbes,
2013), and also a top place for young
Americans to live (Harris Interactive
Survey, 2013).
According to the State Demography
office we are seeing a significant
jump in net in-migrations. Total
in-migration was 48,537 in 2013,
52,969 in 2014, and is expected to be
55,078 in 2015. The 2015 number is
approximately 15,000 higher than
the historical average in-migration
of 40,000. If there are 2.1 persons
per household on average, a
15,000 in-migration increase would
create an additional demand of
approximately 7,500 households.
According to Silverstein (2014),
the historical percentage of new
households choosing apartments
was approximately 25%. The years
since the end of the great recession
have seen approximately a 50%
share of households choosing
apartment living. This phenomenon
has shown itself in greater demand
for apartments causing low vacancy
rates and high absorption rates. Also,
some of the new communities, which
show impressively high lease-up
levels, are not yet counted in the
apartment supply, causing an underreport of the absorption.
-Ron Throupe, University of Denver
www.aamdhq.org