The Garrett Companies, one of the largest multifamily developers in the U.S., has announced it will build two new apartment communities in Colorado’s Front Range: a 224-unit project in Longmont and a 163-unit property in Colorado Springs. The combined development value of the two communities is $145 million.
Wintrust provided a construction loan for the Longmont property. National Bank of Indianapolis provided a construction loan for the Colorado Springs property.
“We continue to be high on the Front Range, and love these two locations, which meet our strict criteria for market demand,” said Rob Martinson, president of The Garrett Companies. “We look forward to bringing these vibrant new multifamily communities to life.”
Longmont: The property is located at 245 Bountiful Avenue in Longmont. The garden-style project includes one four-story and 10 two-story buildings. The unit mix is 45% one-bedroom, 39% two-bedroom, and 16% three-bedroom. 88% of the units will be market rate, with 12% income-restricted. Every unit will have a full-sized washer-dryer. Amenities include a resort-style pool and spa with cabanas, fitness center, TV lounges, a pickleball court, and a dog park. The property is minutes away from the Village at the Peaks retail and entertainment hub and a Costco-anchored shopping center.
Construction is expected to be completed in early 2027. The architect is Humphreys & Partners. The estimated development value: $90 million.
Colorado Springs: The property is located at the southwest corner of Rio Vista Drive and Barnes Road in Colorado Springs. The garden-style project includes four four-story buildings. The unit mix is 41% one-bedroom, 41% two-bedroom, and 18% three-bedroom. Every unit will have a full-sized washer-dryer. Amenities include a resort-style pool and spa with cabanas, fitness center, dog park, clubhouse with lounge, billiards, and arcade games, and co-working and private office spaces. The property is only 15 minutes from the Colorado Springs Airport and within walking distance of Costco, Target, and Sprouts. First and Main Town Center, the heart of Colorado Springs’ retail landscape, is a five-minute drive.
Construction is expected to be completed in late 2026. The architect is Ware Malcomb. The estimated development value is $55 million.
