By Ioana Neamt, Associate Editor
A local investor is taking advantage of Denver’s booming multifamily market.
Consolidated Investment Group (CIG) of Englewood, Colo. has recently expanded its portfolio to include Route 40, a three-story residential building at Colfax and Downing streets in Denver. The company has also purchased an adjacent parcel of land, with plans to turn the site into a vibrant mixed-use project called Route 40 Flats.
According to Yardi Matrix, the development at 1475 Downing St. will consist of 168 apartments and 15,000 square feet of ground floor retail, set to break ground in the summer of 2016. The community will include studio- and one-bedroom units, fitness center, clubhouse, laundry facilities, as well as grade-level parking.
CIG also owns Parkway Apartments in Denver, a 466-unit community at Colfax and Speer Blvd., as well as the Eastpark 70 Industrial Park in Aurora.
“Our team focuses on maximizing the value of our existing real estate portfolio while strategically acquiring new real estate assets in select high-growth markets, like Denver, including Dallas, Houston, Austin and Phoenix,” said Tim Bertoch, vice president of real estate at CIG.
An adaptive reuse project, Route 40 is a former retail building completed in 1932 that was redeveloped in 2014 into a three-story, 28-unit apartment community, Yardi Matrix reports.