The 233 units were found in three developments, according to Roger Reinhardt, head of the local HBA association. Two of the developments are in Boulder and one in the Meridian International Office Park in Douglas County.
Because of constraints to development in Boulder, it's quite possible there will be no additions to the supply in that market, says CB Richard Ellis apartment broker Steve Rahe. And while there is an abundance of empty apartment units in Douglas County, the 133-unit development in Meridian is for "workforce" housing, which is aimed at working people priced out of the home market, such as teachers, firefighters and sheriff deputies.
Rahe notes that even if 233 units were built started each month, that's still only 2,800 units on an annualized basis. However, he tells GlobeSt.com that he expects fewer than that to go forward.
Jeff Hawks, principal of Apartment Realty Advisors, says that even the most experienced developers with great locations for apartment communities are finding it almost impossible to get financing for market-rate developments. "What that will mean is that it will give us time to fill up many of these vacant units, which will bring our market back to a stabilized market," Hawks tells GlobeSt.com.
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