{"id":1004052700,"date":"2012-07-18T05:44:28","date_gmt":"2012-07-18T13:44:28","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=58110"},"modified":"2020-04-08T12:30:59","modified_gmt":"2020-04-08T20:30:59","slug":"redpeak-properties-to-break-ground-on-new-apartment-complex","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/redpeak-properties-to-break-ground-on-new-apartment-complex\/","title":{"rendered":"RedPeak Properties to Break Ground on New Apartment Complex"},"content":{"rendered":"<p>By Gabriel Circiog, Associate Editor<\/p>\n<p>RedPeak Properties is breaking ground on a new apartment complex in Denver\u2019s uptown neighborhood, <em>The Denver Post<\/em> reports.<a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/07\/The-One-City-Block.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-58118\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/07\/The-One-City-Block.jpg\" alt=\"\" width=\"300\" height=\"161\" \/><\/a> Located between 18th and 19th avenues and Logan and Pennsylvania streets, the 302-unit apartment complex\u2014One City Block\u2014was designed and will be built to achieve LEED Silver Certification.<\/p>\n<p>The complex will feature studios and one- and two-bedroom units, with units having an average size of 700 square feet. The urban design of the community was influenced by early Denver architect, Frank Edbrooke. The complex will be made up of four buildings, each of which will be named after a Denver city park: Washington, Benedict, Commons and Congress. The estimated monthly rents, which will include an underground parking space, will range from $1,200 to $2,800.<\/p>\n<p>According to Mike Zoellner, president and chief executive of locally-based RedPeak, the site of the development\u2014currently occupied by surface parking lots\u2014was acquired six years ago. The One City Block development comes at an ideal time, as the uptown market is strong and Zoellner anticipates an energetic leasing activity.<\/p>\n<p>RedPeak Properties currently owns and operates 10 apartment communities in downtown Denver and across the greater Denver metropolitan area. The company\u2019s portfolio includes over 2,200 apartments.<\/p>\n<p>The increased demand for rental units caused by falling vacancies has led to a <a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/07\/denverstats.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-58117\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/07\/denverstats.jpg\" alt=\"\" width=\"300\" height=\"274\" \/><\/a>construction boom in the metro Denver apartment market. According to a recent report released by <em>Marcus &amp; Millichap<\/em>, demand will outpace the wave of new inventory and will push year-end vacancy down 20 basis points to 5.2 percent. The asking rents for the Class A rentals rose 1 percent in the first six months of 2012 reaching $1,086 per month.<\/p>\n<p>For more market data on Denver, please <a href=\"https:\/\/www.multihousingnews.com\/market-data\/market-snapshot-declining-homeownership-and-new-tech-jobs-send-vacancy-rates-to-floor-in-denver\/1004049414.html\" target=\"_blank\" rel=\"nofollow\"><strong>click here<\/strong><\/a>.<\/p>\n<p><em>Illustration Courtesy of: www.redpeak.com<\/em><br \/>\n<em>Chart Courtesy of: www.marcusmillichap.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Gabriel Circiog, Associate Editor RedPeak Properties is breaking ground on a new apartment complex in Denver&rsquo;s uptown neighborhood, The Denver Post reports. Located between 18th and 19th avenues and Logan and Pennsylvania streets, the 302-unit apartment complex&mdash;One City Block&mdash;was designed and will be built to achieve LEED Silver Certification. The complex will feature studios [&#8230;]<\/p>\n","protected":false},"author":1269,"featured_media":1004506802,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1587,21742],"tags":[1815],"class_list":["post-1004052700","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-denver","category-latest","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>RedPeak Properties to Break Ground on New Apartment Complex - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/redpeak-properties-to-break-ground-on-new-apartment-complex\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RedPeak Properties to Break Ground on New Apartment Complex\" \/>\n<meta property=\"og:description\" content=\"By Gabriel Circiog, Associate Editor RedPeak Properties is breaking ground on a new apartment complex in Denver&rsquo;s uptown neighborhood, The Denver Post reports. Located between 18th and 19th avenues and Logan and Pennsylvania streets, the 302-unit apartment complex&mdash;One City Block&mdash;was designed and will be built to achieve LEED Silver Certification. 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