Joint Venture to Add 604 Apartment Homes in Colorado Springs
Greystar, a leading residential real estate manager and developer, and Origin Investments, a private equity real estate manager, have announced that construction has started on Ensley, a $66 million, 277-unit apartment building at Weber and Cimarron Streets in Colorado Springs. The project joins Fiona, a recently renamed 321-residence property currently under construction at 400 E. Pikes Peak Avenue, to will provide vital housing for downtown employers in the downtown Colorado Springs area.
Both buildings reflect the lifestyle of Colorado Springs residents with fitness centers, movement studios, sky lounges, bike storage and wash areas, and outdoor amenities. The builder for both projects is Greystar Construction Group and the architect is Meeks +Partners. The buildings will both be completed in 2023 and both communities will offer market rate rents starting at $1,280.
Ensley is named after Elizabeth Piper Ensley, an African American educator, activist and suffragist in the Colorado Women’s Hall of Fame, in honor of one of the state’s important female historical figures.
“Ensley, which meets a growing demand for housing in the area, will provide a luxurious and energizing environment in a serene natural setting,” said Bo Chapman, managing director of development, Greystar. “With deep connections to nature, Colorado Springs has a heritage as an early health resort, and the focus on wellness and outdoor recreation here continues. Located in the foothills of the Rocky Mountains, Ensley will capitalize on and reflect the region’s abundant natural beauty and extraordinary quality of life,” he said.
Located at 501 South Weber St., Ensley will encompass 16,600 square feet of indoor and outdoor amenity space, including a co-working area; fitness center and movement studio; club, pool and sky lounges and a bike storage and wash area. The project will offer studio, one-bedroom and two-bedroom units ranging from 480 to 1,298 square feet. The community will feature a six-story parking facility, with 325 structured parking spaces, which will connect to the apartments via three pedestrian bridges.
Greystar and Origin are also announcing the naming of Fiona, a second nearby apartment project that has been under construction since the beginning of the year. The community is being named Fiona to capture the region’s seasonal beauty and vibrant community spirit. Fiona’s new name is derived from the Scottish Gaelic word for “vine,” and reflects the community’s warm, welcoming elegance and the growth occurring within Colorado Springs as new industry and residents move into the area.
Previously known as Elan Pikes Peak, Fiona—spanning six stories and 321 residences—will be downtown Colorado Springs’ largest apartment community, offering a peaceful sanctuary for residents with a mix of stylish studio, one-bedroom and two- bedroom apartment homes ranging from 480 to 1,368 square feet. It is slated for completion in mid-2023.
“We’re excited about our partnership with Greystar and commitment to a second high-quality development in Colorado Springs,” said Tom Briney, managing director, Origin Investments. “Together with Greystar we’ve recognized the disparity between the caliber of jobs and people being attracted to Colorado Springs and the available rental housing stock to satisfy the marketplace. Ensley and Fiona will help to bridge that disconnect.”
Fiona, located at 400 E. Pikes Peak Ave., will include 368 parking spaces, 13,000 square feet of interior amenity space, and 25,000 square feet of exterior amenity space in three expansive courtyards.