Developers Stockbridge and Wood Partners now have the $31.8 million they needed to begin construction for their joint venture in Denver: 187 apartments at the southwest corner of West Cedar Avenue and South Cherokee Street.
JLL Managing Director Baxter Fain led the team responsible for financing and said that the new Alta SoBo Station represents one of Denver's high-quality additions. Being near the light rail station also helped financing:
"Lenders tend to respond very favorably when it's a transit-oriented development project, which this is," he said. "Also, it enhances values and rents in terms of project. There was so much speculation 10 years ago, but today, TOD commands investment."
The Alta SoBo Station development will have approximately 133 one-bedroom and about 54 two-bedroom apartments next to Alta Alameda Station, the 338 unit project also completed by Wood Partners.
Units will feature hardwood flooring, full-size washer and dryer, and a balcony or patio for every unit.
And no contemporary Denver apartment building would be complete without a robust set of amenities. Alta SoBo Station will have a pool, a hot tub, outdoor grilling areas, a game room, two-level fitness center and a bar area.
In fact, Fain says those amenities are one of the biggest things that sticks out to him.
"The workout facility, it's a two-level, so it's larger than normal. And the landscape architect that they used to build hot tub, pool and outdoor grilling is great, it looks like a resort," he said.
Construction has already started and is expected to finish in February 2019.
