Groundbreaking: 288-unit Luxury Apartment Community in Colorado Springs
DENVER – Etkin Johnson Real Estate Partners, the largest full-service, privately owned commercial real estate investment and development company based in Colorado, has broken ground on FalconView, a 288-unit apartment community located at the intersection of I-25 and InterQuest Parkway in Northern Colorado Springs.
PNC Financial Services provided $46 million in construction financing. Total project cost is approximately $69 million
“Northern Colorado Springs is meeting the growing demand of young professionals looking for an amenity-rich neighborhood with effortless connectivity to downtown Colorado Springs, Denver, the mountains and top school districts,” said Derek Conn, partner at Etkin Johnson. “As one of the nation’s fastest growing cities for millennials, FalconView is helping create the ideal live-work-play destination along the Front Range.”
The luxury apartment community includes 16 three-story buildings with one-, two- and three-bedroom units, ranging from 701 to 1,843 square feet. Designed by Oz Architecture, modern aesthetics and high-end finishes are featured throughout the property, which has direct views of nearby Pikes Peak. Each unit features nine-foot ceilings, high-end appliances, an island kitchen, walk-in closets and either a balcony or patio.
With 15.1 dwellings per acre, FalconView offers the lowest apartment density rate in the area in a garden-style concept designed to feel like a neighborhood.
Etkin Johnson is collaborating with Mr. Lauren Brockman, principal of Convergence Multifamily Real Estate Group, who is providing comprehensive development consulting services. Previously with Allied Realty, Brockman has 25 years of experience in the acquisition and/or development of approximately 10,000 multifamily units, with a total aggregate value of approximately $925 million.
Etkin Johnson previously worked with Brockman on the successful development of the 374-unit Retreat at Flatirons in Broomfield. Etkin Johnson sold the apartment community to Dallas-based Invesco Real Estate for $94.5 million in 2015.
Other team members collaborating on FalconView include Vogel and Associates, a professional planning and design firm dedicated to providing integrated and innovative solutions, and Martines Palmeiro Construction, a full-service general contractor and construction management firm specializing in walk-up residential, mid-rise residential, high-density residential, senior/assisted living and retail commercial spaces across Colorado and Texas.
Etkin Johnson currently owns nearly five million square feet of industrial, office, hospitality and multifamily properties in Colorado.
Photos courtesy of Etkin Johnson