New $65.5 Million Multifamily Development Planned for Denver’s River North Art District

News Summary

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.

New Multifamily Development Planned for Denver’s River North Art District

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.

Project Overview

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.

Affordable Housing Commitment

40% of the residences will be priced at affordable rates for individuals earning 70% of the area median income (AMI). In addition, over 70% of the units will be accessible to those earning below 100% AMI, making it a valuable addition to the community’s housing options.

Amenities and Urban Living

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.

Convenient Transportation Access

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.

Growth in the River North Area

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.

Financing Insights and Background

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.

Conclusion

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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Additional Resources

• Denver Post: New $65.5 Million Multifamily Development Planned for Denver’s River North Art District
• Wikipedia: General Knowledge
• CoStar: Denver’s Multifamily Market
• Encyclopedia Britannica: General Knowledge
• Commercial Observer: Affinius Capital $112M Loan
• Google Search: Denver multifamily real estate
• Mile High CRE: New Apartments in Downtown Denver
• JPMorgan: Denver Multifamily Market Outlook