Local Denver developer Highland Development Company (HDC), local architect Studio 646 Architecture and local general contractor DIRC Homes today laid the foundation stone for a 52-unit residential complex just steps from the Lakewood Dry Gulch in West Colfax in Denver is located, Colorado. Signalmen Apartments, as the project is called, is the developer’s leading offering in rental products. Tributary Capital secured a $ 8 million home loan from First Western Trust and provided $ 1.3 million in preferred capital on the project.
HDC is focused on bringing achievable rental products to the community and Signalmen Apartments is a perfect example of that focus. The team has focused on providing highly livable units while removing the bells and whistles that drive rents up. ?? We are excited to add another housing option to the Sloan’s Lake area, where current housing options have been gradually phasing people out. Signalmen Apartments offers residents the opportunity to live big without the big rent check? said Paul Malone, President at HDC. ?? The units are designed with floor-to-ceiling closets to ensure that everything in your home has its place, along with additional storage space in the building. Residents can enjoy nature with bolted balconies and fenced courtyards. This is a great way to take advantage of the 300 days of sunshine in Colorado. added Malone.
?? We’re excited to be laying the groundwork for another major project in the Denver area. Signalmen Apartments will be a wonderful addition to our growing portfolio of apartment projects and another step in our ongoing partnership with HDC to provide community accessible living space. said Randy Henckel, President of DIRC Homes.
The community is in the West Colfax neighborhood, walking distance to Sloan’s Lake and Edgewater. Residents will find the Knox Light Rail Station a block away and have access to Union Station in just five stops. The Lakewood Dry Gulch is directly across the street and offers ample green space and easy access to countless biking and hiking trails in the Denver area.
According to RCLCO Real Estate Advisors, there is unlikely to be any significant competition in delivery with only a few projects on the Sloan Lake Pipeline and only 250 micro-units in the pipeline across Denver. Micro-units meet the need for affordable housing for workforce tenants across Denver.
About the Developer: The Highland Development Company is a leading developer of unusual communities that bring people together to share experiences and make authentic connections. HDC builds accessible homes with thoughtful details and distinctive character that residents are proud to be at home. More information is available at HighlandDevelopmentCo.com.
About the architect: 646 Studio Architecture strives for interesting, beautiful and community-oriented design. By working respectfully and responsibly with customers, the team can implement the original passion and vision of a project. Please visit 646arch.com for more information.
About the General Contractor: Established in 2012, DIRC Homes, LLC is a people-centered home builder who provides a consistent and reliable home construction experience, emphasizing both customer and homeowner satisfaction. DIRC Homes is redefining residential construction through meaningful collaboration and pioneering processes by developing our people to leverage technology, efficiency and sophistication throughout the design and construction process. More information is available at www.DIRCHomes.com.
About Tributary Capital: Tributary Capital offers comprehensive capital solutions, including debt advice, preferred equity and asset management, to assist clients with their commercial real estate projects. Recognized as one of the most trusted and dependable commercial real estate professionals in Colorado, Tributary offers a holistic perspective based on extensive experience in capital advising, investing, development and brokerage. Visit tributaryre.com for more information.
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