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Uptick in Build-to-Rent Interest Around Denver Grows
A developer known for its work in Denver’s Ballpark District is expanding its scope (again) to Greeley, CO, with a 27-acre mixed-use property.
The Monfort Companies’ project, Boomerang Ranch, is expected to combine five acres of retail space with “a 177-home build-to-rent community.”
Boomerang Ranch should break ground this summer, with the first residents moving in in Fall 2023. The entire build is projected to be completed a year after that, according to a news release.
The build-to-rent market seems to be gaining buzz along with traction. In the Denver area alone 14,000 new such style of housing is expected to come online by the end of 2022.
As recently as a month ago, Phoenix-based NexMetro Communities sold Avilla Prairie Center, in Brighton, Colo.. The 136-unit build-to-rent development sold for $63.1 million – averaging out at $424,000 per unit.
In addition, Cherry Creek, CO developer BMC Investments is eyeing a large play in affordable housing units, per the Denver Business Journal.
- ◦Development
