Rising demand creates new multifamily opportunities in Colorado
As housing demand increases, developers are answering the call with high-end developments popping up along the I-25 corridor north of Denver. This area represents one of the most attractive multifamily opportunities for developers in the region.
These locations are close to I-25 and appeal to dual-commuter households, and they are a great central location without a Denver price tag. New developments have transformed the area from farmland and prairie into living destinations suburban conveniences, which today’s renters expect.
More than donuts and coffee
Locals who drive north on I-25 know the iconic Johnson’s Corner as a must-visit destination. The famous truck stop that has appeared on the Food Network and in travel magazines. It even served as a filming location for a 1995 Bill Murray and Matthew McConaughey movie.
Pretty impressive for a trucker joint, eh?
Now, this cornerstone meeting place will serve up its world-famous cinnamon rolls, donuts and coffee to a new generation. New family-oriented and luxury apartment complexes have attracted more residents to the immediate area.
About 45 minutes north of Downtown Denver, this area offers access to several key business centers in addition to proximity to the interstate.
Another Northern Colorado town gaining multifamily traction draws new residents with its impressive fiber-optic infrastructure. New luxury apartments in Longmont have attracted entrepreneurs looking for a combination of high-speed connectivity and outdoor recreation.
In the age of remote work and hybrid work schedules, quality Internet has become a must-have amenity. If residents can look out the window to stunning mountain vistas and beckoning bike trails, all the better.
Colorado’s college grads
Colorado ranks third in the nation for educational attainment, and 41 percent of Coloradans have completed a bachelor’s degree or higher. Many of those graduates attended Colorado State University and then elected to stay nearby to pursue their careers.
In Fort Collins, some of the recent multifamily development has focused on infill projects around existing transit areas. In addition, projects like Fairway Apartments, incorporate green design as key components. As the Loveland Reporter Herald reports:
“…developers [are] pursuing green building standards and working with the city and Colorado State University’s Institute for the Built Environment on integrated design. Solar power and car-charging stations are part of the project…”
The development will also include more parking for bicycles and cars.
Small town, big life
Greeley, another Northern Colorado college town, appeals to new residents because of its mix of affordability and lifestyle. With 57 city parks, seven breweries, five museums and three music venues, this town of 106,000 offers locals options for enjoying their free time.
Known as one of Colorado’s agricultural and manufacturing centers, the city provides many job opportunities.
Lariat, a new, 304-unit apartment community, will add value to that existing lifestyle with its on-site amenities: coffee bar, fitness center, yoga studio, coworking space, game room, and an outdoor pool and spa.
Suburban multifamily trend
This development in suburban and small-town areas mimics a national trend. As this article reports:
“In a hot market shift, about one-third of the multifamily building has moved to the suburbs. Multi-unit, high-rise, urban housing is giving way to two and four-unit buildings in outlying city areas. The pandemic has made common areas less social, making safety and security a higher priority. This shift means townhomes and condos in low-density areas are outpacing high-density markets and have been for the past four quarters.”
As developers eye multifamily opportunities in secondary and tertiary markets, they will meet a growing demand for affordability and livability.
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