Origin Investments & Massimino Development Complete Multifamily Project Near Boulder
The phased construction of Farm Haus Apartments in Longmont is nearly complete and the lease-up of the new community is taking place at a strong pace averaging 30 move-ins per month. Farm Haus Apartments is a joint venture development between Chicago-based Origin Investments and Boulder-based Massimino Development.
Farm Haus Apartments is a 280-unit, $68.8 million multifamily development located in the rapidly expanding Boulder bedroom community. One of the key attributes of Farm Haus Apartments is the community’s hilltop location which affords many units in the complex unobstructed views of the mountains.
Farm Haus Apartments, situated on 13.52 acres at Ken Pratt Avenue and E. Third Ave., is comprised of 112 one-bedroom, 144 two-bedroom, and 24 three-bedroom apartment units in eight multi-story buildings. To date, given the phased development, 144 units have been completed. The remaining units are projected to be completed by the end of November. Included in the mix of market-rate units are 34 apartments that are set aside for residents who are making 60 percent or less of AMI for the region.
“We are pleased with our initial leasing activity and prospective renter feedback at Farm Haus, and we look forward to reaching stabilization sometime next spring,” said Chris Neumann, assistant vice president, Origin Investments. “The strong lease-up absorption can be attributed in part to the development’s stature as the newest and most-amenitized property in the Longmont area.”
Units range in size from 744 square feet to 1,413 square feet with an average size of 989 square feet. Individual apartments are appointed with features including stainless steel appliances, in-unit washer and dryer, designer cabinets, walk-in closets with custom shelving, private garages, and many other conveniences such as high-speed internet connectivity and electric vehicle charging stations. Farm Haus Apartments also features a comprehensive amenity package featuring a state-of-the-art fitness center inside “The Barn”, a 3,500 square foot indoor amenity building, swimming pool, hot tub, dog park, and numerous other indoor and outdoor entertainment features that include a pet spa and ski and bike tuning room.
“The increasing popularity of Longmont, given its proximity to Boulder, has created tremendous demand for newly developed apartment communities that offer amenities and features today’s new renters seek,” said Ben Massimino, founder and principal, Massimino Development. “We like our location, in the path of progress.”
The site of the new community is approximately 16 miles from the center of Boulder, and minutes from downtown Longmont. Farm Haus’ location also benefits from a location that is within one mile of UC Health Longs Peak Hospital, a level three trauma center and proximity to a new, $340 million Smuckers’ production facility that employs nearly 500 people.
Apartment occupancy in Longmont averages about 98 percent. There are additional developments in varying stages of the development pipeline. However, few are able to compare with the location, amenities and benefits associated with Farm Haus Apartments.
Farm Haus is the second Colorado development for the joint venture. The first was Connect at First Creek, a 150-unit, garden-style multifamily complex in a burgeoning corridor near the Denver International Airport. Following the successful lease up and stabilization of Connect at First Creek, the partnership sold the asset earlier this year for a near-record price per unit, proving the joint venture’s original investment thesis to build in the path of progress.
“Farm Haus Longmont represents another one of those opportunities where we were able to develop and own high-quality multifamily assets in markets that are in the path of growth, or in a position to capitalize on tremendous growth and popularity of an area,” added Newman.