$50M Multifamily Project Breaks Ground Near DIA
Construction is underway on Momentum at First Creek, a $50 million multi-family rental project in Denver. CMG Capital has partnered with Massimino Development to develop the property located at 56th Avenue & Telluride Road within the high-growth corridor of DIA.
The Momentum project is the second CMG Capital and Massimino Development partnership in Colorado. The two companies broke ground on Farm Haus Apartments in Longmont in August 2019. Brinkman is the general contractor on the project.
“There is nothing like this property in the sub-market,” said Shawn Chemtov, CEO of CMG Capital. “The amenities are unparalleled and we believe that there is a pent-up demand for this type of development.”
Momentum at First Creek will offer 200 one, two, and three-bedroom luxury apartments encompassing six residential buildings on almost eight acres. Units range in size from 620 square feet to 1,412 square feet. Rents will start at $1,395 and units will be available in April 2022.
Amenities include a 7,750-square-foot clubhouse with a resort-style lobby and 24-hour state-of-the-art fitness center, a coffee bar, co-working offices, expansive lounge areas, a game room and indoor/outdoor kitchens, along with a dog wash, a resort style pool and oversized spa.
Chemtov is a limited partner in Connect at First Creek, a 150-unit multi-family development directly adjacent to Momentum developed by Massimino Development. Connect at First Creek’s property lease-up began at the peak of the pandemic and is currently stabilized, averaging 18 units per month during lease-up.
Rendering courtesy of CMG Capital