By Gabriel Circiog, Associate Editor
A new luxury apartment community is planned for Denver’s Jefferson Park neighborhood. Allied Realty Services Ltd. and Amstar have announced plans to build the 332-unit community on a site near Interstate 25 and Speer Boulevard.
The ten parcels of land, totaling 4.5 acres, were acquired by the two companies over a two-year period. The existing buildings are set to be demolished in April to make way for the new development, officially known as 2785 Speer.
The development is designed by Houston-based Meeks & Partners and will feature four stories with 10,801 square feet of retail space on the ground floor, underground parking and a two-story fitness center. 2785 Speer is expected to be completed by late 2014 and is targeting LEED certification.
“2785 Speer will no doubt be a premier rental community in Denver, offering residents luxury living and easy access to downtown, sports venues and all of the metro area, thanks to the project’s close proximity to I-25,” Allied Principal Lauren Brockman said.
The available units will range in size from 600 square feet for one-bedroom apartments to just over 1,300 square feet for two bedrooms. The monthly rents will start at $1,300.
2785 Speer Boulevard is the second investment between Amstar and Allied in the Denver market. Allied has already developed seven communities in Metro Denver while its management division, Orion Real Estate Services, manages over 27,000 units nationally.
Amstar Group LLC is a real estate investment manager and, collectively with Amstar Advisers LLC—an SEC-registered investment adviser—holds around $1.7 billion in assets under management.