The True Life Companies (TTLC) recently sold its Clear Creek Valley project, a seven-acre parcel located in Adams County, to Core Spaces, an innovative real estate firm specializing in purpose-built, build-to-rent homes with offices in Chicago and Austin. The property is approved for the construction of 116 duplex-style, residential homes for rent — a growing model that meets and often exceeds the housing needs for a wide range of home seekers, from singles to families and beyond.
“The TTLC team, together with Core Spaces, recognized this project as a unique opportunity for housing — it checks off all the boxes because it’s within an established and desirable neighborhood and in close proximity to a bustling metropolitan region,” said Scott Menard, executive vice president for TTLC. “Whether for work or play, downtown Denver is typically a fifteen-minute drive from the project, which is incredibly convenient.”
Within just a half-mile of the Regional Transportation District (RTD) FasTracks B Line Westminster Station, the Clear Creek Valley’s prime setting offers commuters numerous options for easy travel. For families of K-12 students, the project is within the boundaries of the Westminster Public School District and is convenient to other public and private institutions, including Regis University. Recreational opportunities include multiple trails and parks nearby, and once completed the community will feature areas for indoor and outdoor activities as well as a clubhouse.
“TTLC’s current portfolio includes five properties in the Denver market, with even more under review,” said Scott Clark, chairman and CEO for TTLC. “We’re committed to bringing much-needed housing to supply-constrained Denver, and we are pleased to support the build-to-rent model with Core Spaces as one way to meet the goals of our investment thesis and to provide a solution for the diverse needs of today’s home seekers — especially today’s younger generation.”
To date, TTLC has invested capital into as many as 41 properties in some of the nation’s most highly constrained housing markets. TTLC or a designated affiliate will seek to complete the required approvals and then sell a shovel-ready property, or assign the purchase and sale agreement, to a well-capitalized homebuilder for their construction and sales pipeline.