3 Reasons for Denver Multifamily's Continued Domination
Nashville Southern Land Co is betting big in Colorado, with three new mixed-use developments in the works here. Southern Land CFO Ken Howell tells us why.
1. Strong Fundamentals, But Also Momentum
Job growth here's been excellent for the last four or five years, Ken points out, but that's not the only reason potential apartment dwellers—and their employers—are coming here. There's a lot of in-migration by single young professionals who are drawn to the area for its lifestyle opportunities. Barring a wider economic disaster, that's not going to change, and it gives the market some additional momentum.
2. Development Opportunities in Denver
Denver still offers potential development locations that are close to employers, public transit and other amenities in demand by all those in-migrants, Ken notes. Multifamily development's brisk here, but not in danger of overbuilding. Southern Land is developing in LoHi at 18th and Central, which will includes 302 units in two buildings, and its other Denver development is in its early stages in Uptown (about 300 units).
3. Boulder's Hot Too
Boulder has many of the same advantages for new development as Denver, including "sites that are irreplaceable and will stand the test of time," Ken says. Southern Land’s Boulder project is part of the city’s Boulder Junction redevelopment area at the intersection of 30th and Pearl streets, and will include 246 apartments, as well as office and retail space.