236-Residence High Rise to Break Ground in DTC Later this Month
Legacy Partners, a privately-held national real estate firm, and Pacific Life, a provider of equity and debt capital to the real estate market, will break ground this month on Araceli DTC, a 236-residence Class A, NGBS Green Certified Gold high-rise in Denver.
“Araceli DTC will be a market-leading multifamily high-rise project in the Denver Tech Center and will offer our residents large state-of-the-art units, excellent access to employment, and the latest in modern amenities,” said Lane Cutter, senior managing director at Legacy Partners.
The Araceli DTC site, located at 4552 South Ulster, spans 1.38 acres. Set for completion in 2024, the community will consist of thirteen stories with ten residential levels of light-gauge steel structure above a three-level concrete garage podium. The project will feature units with panoramic views and an average unit size of 896 square feet, in addition to an expansive pool amenity deck on the fourth level. Additional features will include a protected Uber/Lyft pickup and drop-off area and electric car charging stations.
Located directly off I-225, the property is adjacent to Cherry Creek State Park and is near major employers including AIMCO, Microsoft, Zoom Video Communications, and Progressive Insurance.
JLL Capital Markets represented the developer, Legacy Partners, in arranging a $106 million four-year, floating-rate senior construction loan through an investment manager, as well as securing the joint venture equity partnership with Pacific Life.