Colorado Real Estate Journal - September 2, 2015
Dallas-based Mill Creek Residential plans to break ground this month on the $90 million, 362-unit MCRT Brighton apartment community. The luxury community on a 2.92-acre site at 2890 Brighton Blvd. is the latest apartment community coming to RiNo. And its location at Brighton Boulevard and 29th Street is considered the “gateway” to RiNo, according to Chris Cowan of ARA Newmark. Cowan, and his ARA Newmark partner Steve O’Dell, sold the property to Mill Creek. Previously, ARA Newmark sold a nearby 301-unit apartment community at 2767 Wewatta St. for $72.5 million, or $240,869 per door. The sales price of the land wasn’t released, but records show it was $14.65 million, or $115.02 per square foot. In addition, ARA Newmark, including Cowan, through its Capital Markets group, raised an undisclosed amount of equity for MCRT on behalf of Mill Creek. The equity was raised from a large, unidentified private equity fund. Records, however, show Post Apartment Homes is providing $57.09 million in financing for the development. The Brighton Boulevard Corridor is a key strategic focus for the city of Denver and has benefited from more than $100 million in public and private investments during the past several years, according to ARA Newmark. In addition to a number of new luxury apartment communities, which are less expensive than the new breed of buildings going forward in the Union Station area of downtown, RiNo has become a hub of creative offices, art galleries and other businesses and cultural amenities. The Wall Street Journal, for example, recently focused on RiNo in an article on Denver being a magnet for millennials. “For an area that was considered the wrong side of the tracks no more than 18 months ago, there has been incredible institutional capital interest for this front door location,” Cowan said. “RiNo hasn’t just made the map for Denver – it is the map,” Cowan said. “It is impossible to articulate all of the fluidity and activity happening there,” he said. Recently, ARA Newmark sold a nearby 301-unit apartment community at 2767 Wewatta St. for $72.5 million, or $240,864 per unit. Brian Wynne is the managing director of development for Mill Creek and is heading up the MCRT Brighton project. “Mill Creek is excited to become part of the River North community and part of the Brighton corridor in particular,” Wynne said. “We are huge believers in the momentum of activity all around this site and we see the best of both worlds in this location – participating in the exciting energy of the area while being only a short walk to the heart of downtown Denver,” Wynne said. Units in MCRT Brighton will feature 9-foot ceilings, 8-foot doors, built-in closets and kitchens with stainless steel appliances, high-end granite countertops, tile backsplashes and oversized custom-quality cabinetry. Community amenities will include a resort-style courtyard and pool, a business and conference center, a top-of-the-line fitness center, and unobstructed views of the mountains and downtown.