Consolidated Investment Group (CIG), a leading-edge real estate investment company managing a large commercial portfolio, is ready to break ground on a new, 360,000-square-foot multifamily property in Centennial that will include 329 new apartment units. The property, which has not been named yet, will provide renters with rent rates that will be discounted 10 to 15 percent, based on the modular construction and direct material sourcing of the apartment units. The discounted rents will provide an opportunity to provide missing middle housing to those who earn between 80% and 120% of the area median income
“This project aims to fill a housing need for the ‘missing middle,” said Dan Velazquez of Consolidated Investment Group. “The missing middle is comprised of people who are attainable housing income earners—including teachers, healthcare providers, public safety personnel, armed service members, and resort workers—but are typically ineligible for affordable housing as their household incomes often exceed the limits of affordable housing eligibility. Our modular construction approach is one of many cost-saving techniques that make these apartments more attainably priced.”
Fabrication of the modules is now underway at an off-site factory, and CIG intends to start setting the first modules this fall.
The development will feature a mix of bedroom counts. Of the 329 units, 33 will be studio apartments that average 500 square feet, 216 one-bedroom units averaging 760 square feet and 80 two-bedroom units with an average size of 1,100 square feet. The overall development will feature five multifamily buildings, a pool and a clubhouse with a fitness center, coworking space and lounge spaces for residents.
CIG, a long-term holder, currently has ownership interests in over 7,500 apartment units throughout the United States. CIG is actively expanding its multifamily portfolio via development and acquisitions. Target markets include Denver, Dallas, Austin, Houston, Raleigh, Nashville and Phoenix.
