Newly Formed Joint Venture to Develop $117M Multifamily Project in Colorado Springs
Origin Investments, a leading fund manager focused on the multifamily market that is committed to the future of Colorado Springs, has formed a joint venture with Jackson Dearborn Partners to develop Solace at The Ranch, a $117.9 million multifamily “in the path of progress” development located at 7718 E. Woodmen Rd. in Colorado Springs.
Construction on the 374-unit, three-story garden-style apartment community, which will also include 12 carriage house-style units, has begun. The first units will be delivered by year-end 2024; the balance of the units will be phased in over a period of several months.
The community will be comprised of 21 residential buildings plus a clubhouse. Included in the apartments will be 52 three-bedroom, 210 two-bedroom and 112 one-bedroom units. The 12 carriage houses will all feature two and three-bedroom floor plans. The average unit size will be 1,046 square feet with the carriage homes being slightly larger. The new community will feature a total of 628 parking spaces, including 189 attached and detached garages. The carriage house units will sit atop attached garages.
The project will be constructed by Sub4 Development, a JDP-affiliated general contractor that is based in Champaign, Illinois with an additional office in Colorado Springs. Sub4 Development is currently building two other multifamily projects in Colorado Springs.
“This kicks off a really exciting partnership for us with Origin,” said Chris Saunders, managing partner of JDP and owner of Sub4 Development. “We love working in Colorado Springs and hope to continue to bring high quality and much-needed housing to the area.”
The 18-acre site on which Solace at The Ranch is being developed sits on top of a hill offering unobstructed and protected views of the mountains. Solace at The Ranch has been envisioned with Class A amenities that are commensurate with new developments in the market. Those amenities will include a fitness center, swimming pool, outdoor gathering places and community rooms. Top-of-the-line unit finishes will include stainless appliances, 48” cabinets, and quartz countertops, among others.
Solace at the Ranch is one component of a larger, major concept plan with seven development pads totaling 11.7 acres that is designed to include retail and entertainment destinations. Immediately adjacent to the new community will be a variety of convenience-oriented retail users. One of four pads immediately adjacent to the site will be the future location of a Dutch Bros. Coffee shop.
The new development is located approximately 10 miles northeast of downtown Colorado Springs, which continues to be in the midst of a significant transformation that is prompting job and population growth. The site is also within seven miles of the Colorado Springs airport.
“We are excited to further our commitment to supporting the growth and development of Colorado Springs,” said Tom Briney, managing director, Origin Investments. “This site represents another project that is right in the path of growth, as Colorado Springs continues its expansion and evolution.”
Combined, the joint venture partners are in varying stages of development, construction and management of five multifamily communities totaling almost 1,600 units. Origin is in varying stages of development of three new communities in downtown Colorado Springs. The $261 million in developments, totaling more than 800 units, include:
- Elan Rio Grande, an $83.1 million multifamily community at 602 S. Wahsatch Ave. that will feature a six-story, Class A podium development with 207 apartments ranging from 651 to 1,622 square feet. Elan Rio Grande is slated for completion in Fall 2024.
- Fiona, a $111.9 million six-story, 321-unit development, that will be downtown Colorado Springs’ largest apartment community. The apartment homes, range from 480 to 1,368 square feet and include a mix of studio, one-bedroom and two- bedroom apartment homes. The project is approximately 50% complete and on schedule for delivery in Summer 2023.
- Ensley, a $66 million, five-story, 277-unit development, is located at the intersection of Cimmaron and Weber. The apartment homes, ranging from 480 to 1,368 square feet, include a mix of studio, one-bedroom and two-bedroom apartment homes. The project is approximately one-third through the construction cycle with an expected delivery in late 2023.
Jackson Dearborn’s projects currently under development in Colorado Springs include:
- Solace at Cimarron Hills, a $69 million garden style multifamily community immediately east of the city in Cimarron Hills will feature 234 units averaging 1,027 square feet per unit in the first phase. Solace at Cimarron Hills is scheduled to deliver units in late 2023 with a second phase delivering in 2024 bringing the total to 342 units.
- Avian, a $60 million community located in downtown Colorado Springs at the SEC of Weber and Cucharras Streets. The podium-style project will have 169 apartments ranging from 651 to 1,622 square feet. Avian is slated for completion in early 2024.
Jackson Dearborn has two additional projects totaling 408 units that are expected to start construction in 2023. This includes Phase II of Solace at Cimarron Hills totaling 108 units in garden-style buildings and ASPRA at Foothills Farms, a 300-unit wrap construction project located on Federal Drive.