"It's pretty striking," Mike Rinner of the Genesis Group tells GlobeSt.com. Rinner notes that almost all the permit activity in June was in two counties--Denver and Douglas.
There were 333 permits pulled in Denver and 382 pulled in Douglas. Appraiser Cary Bruteig, principal of Apartment Appraisers & Consultants, says the Douglas County permits likely reflect the Alexan Lincoln Station being built by Trammell Crow Residential next to a light rail station under construction at the northwest corner of Interstate 25 and Lincoln Avenue.
"It helps that they are doing lofts on the light rail line, but it does not help them overcome the fact that the market is very soft right now," Bruteig tells GlobeSt.com. "However, it does take them a couple of years to build it, so by the time they are done, hopefully the market will have turned around and they will get the rents they need."
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