REAL ESTATE DECISION SUPPORT

The recent purchase of a 3.1-acre site in the East Gates development along Broadway by Fore Property is to soon be followed by construction of a 260-unit apartment complex on the site by the company.  To be completed in 19 months, the 4-story complex will offer unit sizes of 651 to 1,467 SF and is to have an expected rent of $1.50/SF.  To have a LEED Gold rating, its location at the northeast corner of Broadway and Mississippi places it midway between the light-rail stations at Broadway and Louisiana, allowing tenants equal access to downtown and the Denver Tech Center.  The property was purchased from LUI Denver for $6.8 million, or $48/SF.  Agency for the seller was provided by Steve Odell and Chris Cowan of ARA (formerly Apartment Realty Advisors).