New multifamily development in Denver, designed for community living.
JLL Capital Markets has secured $65.5 million for a new multifamily development at 3850 Blake in the River North Art District. This 16-story building will feature 310 housing units, 40% of which will be affordable for residents earning 70% of the area median income. Set for completion in 2027, the project is positioned to enhance urban living with extensive amenities, transit accessibility, and a focus on community engagement.
Denver’s River North Art District (RiNo) is set to welcome a new multifamily development, known as 3850 Blake, thanks to a recent $65.5 million construction financing secured by JLL Capital Markets. The project aims to meet the growing demand for urban housing, featuring a total of 310 residential units.
The 3850 Blake project will consist of 16 stories, offering a mix of studio, one-bedroom, and two-bedroom apartments. Average unit sizes will rest at around 563 square feet, catering to a range of living preferences and needs. The development has been classified as Class A multifamily housing.
Anticipation builds as the project is expected to reach completion by the third quarter of 2027. In an effort to make housing accessible to a wider audience, nearly 40% of the residences will be priced for individuals earning 70% of the area median income (AMI), while over 70% of the units will be available to those earning below 100% AMI.
In addition to diverse housing options, the development aims to provide a highly amenitized living experience with more than 12,000 square feet devoted to shared amenities. Future residents can look forward to an elevated pool deck that offers stunning mountain views, a modern clubhouse, co-working spaces, an indoor/outdoor fitness center, and a lobby designed to foster community engagement.
Convenience is another highlight of this new development. Situated at the intersection of Blake Street and 38th Street, 3850 Blake provides easy access to the 38th & Blake RTD light rail station, facilitating hassle-free travel to Union Station and Denver International Airport.
The land for the new multifamily development was acquired by 3850 Blake Owner LLC for $9.6 million back in April 2022. The decision to invest in this area aligns with the broader trend in Denver, where new multifamily developments are increasingly focused on urban living. The growth rate in RiNo has been notable, with approximately 26,000 new residents moving to the area between 2019 and 2020.
The location of 3850 Blake is strategic, being surrounded by more than 150 restaurants, bars, galleries, and entertainment venues within a ten-block radius. This vibrant atmosphere is expected to add value to the resident experience, enhancing the appeal of urban living in this dynamic district.
JLL facilitated the financing arrangement representing the borrower, Formativ, with their Debt Advisory team including Director Rob Bova and Senior Analyst Ellie Savage. Their expertise contributed significantly to securing the necessary funding for what promises to be a landmark development in RiNo.
The 3850 Blake development presents a compelling opportunity for luxury rental housing in an area experiencing vibrancy and growth. As construction progresses, the project is poised to enrich the urban landscape of Denver, offering a blend of community spirit and modern living.
News Summary The North Port City Commission will discuss a public-private partnership proposal from Florida…
News Summary Clifford Chance has facilitated a significant financing deal worth $282.5 million for Zelestra,…
News Summary Ponce Financial Group, Inc. is expanding its construction lending operations despite high inflation,…
News Summary NCC AB has announced the securing of a SEK 300 million construction contract…
News Summary A federal judge has temporarily halted the closure of 99 Job Corps centers…
News Summary Buildots has unveiled its new Portfolio Dashboard, an AI-driven tool aimed at enhancing…