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.
JLL Capital Markets has successfully secured $65.5 million in construction financing for a new multifamily project known as 3850 Blake, located in the River North Art District (RiNo) of Denver. This 16-story development aims to bring 310 units of high-quality housing to an area experiencing rapid urban growth and increasing demand for luxury rental properties.
3850 Blake is strategically located at the corner of Blake Street and 38th Street, positioning it within a vibrant community known for its rich cultural offerings. The project, expected to be completed by the third quarter of 2027, will consist of a mix of studio, one-bedroom, and two-bedroom apartments, with units averaging approximately 563 square feet in size.
3850 Blake plans to offer a highly amenitized urban living experience. Residents can look forward to 12,000 square feet dedicated to amenities, including an elevated pool deck with breathtaking mountain views, a stylish clubhouse, co-working spaces, and a modern indoor/outdoor fitness center. The lobby will also be designed to foster community engagement among residents.
One of the highlights of the development is its excellent transit access. Located just steps away from the 38th & Blake RTD light rail station, residents will enjoy easy access to Union Station and Denver International Airport, enhancing the appeal of this urban living space.
The River North Art District has seen significant population growth, with approximately 26,000 new residents moving to the area between 2019 and 2020. This growth, coupled with the presence of more than 150 restaurants, bars, galleries, and entertainment venues within a 10-block radius, indicates a dynamic community that attracts young professionals and families alike.
3850 Blake Owner LLC acquired the land for the project for $9.6 million in April 2022, setting the stage for this ambitious development. JLL represented the borrower, Formativ, in securing the financing, with a team led by Director Rob Bova and Senior Analyst Ellie Savage, who identified the project as a compelling opportunity in a market marked by a strong demand for luxury rental housing.
The 3850 Blake development is reflective of a broader trend in Denver, where new multifamily housing continues to target urban living. As the project moves forward, it promises to play a key role in meeting the growing demand for both quality and affordable housing in the River North area. As completion approaches, anticipation will build for what this new community will bring to the vibrant landscape of Denver.
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