The condos will be housed in two identical 70-unit buildings. Each building will have its own below-grade, gated parking. The Park Meadows Lofts project will sit on 4.3 acres at Park Meadows Drive and Lincoln Avenue. Amenities include a clubhouse with pool, exercise and fitness room as well as meeting space. Six floor plans will be offered ranging from 780 sf to 1,404 sf. The community is expected to carry an estimated retail value of $28 million.
"This is the first of what we hope will be many investments in the Greater Denver and with Trammell Crow Residential " says Anthony Botte, Hearthstone senior vice president for the western US region. "Hearthstone has become increasingly aggressive during the last three years as a joint partner in multifamily housing developments--which offer the prospect of robust returns to institutional investors--in markets where demand for affordable single-family homes exceeds supply. As such, multifamily developments are a welcome alternative for homebuyers and investors in many supply parched regions in the US."
Hearthstone was the first, and today is the largest institutional investor in residential development in the US, with nearly $8 billion committed to the industry, according to the 12-year-old company.
Hearthstone has financed 356 communities in 80 markets in 19 states representing nearly 50,000 homes. It manages investment capital from public and private pension plans, university endowments, Fortune 100 companies and large private trusts.
Trammell Crow Residential has developed more than 170,000 multifamily homes in 50 cities throughout the US since 1977. The firm has more than 75,000 apartment units under management, including four in Englewood, two in Castle Rock, as well as Aurora, Greenwood Village, in Loveland and Northglenn.
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