Multifamily project coming to River North Art District
Construction work commenced recently on a new 310-unit multifamily development in Denver’s River North Art District (RiNo).
The upcoming 16-story residential building, named 3850 Blake, is set to be constructed on an empty lot situated at the intersection of Blake Street and 38th Street.
Anticipated to be finished by the third quarter of 2027, the development will offer a variety of studio, one- and two-bedroom apartments, with an average unit size of 563 square feet.
FORMATIV, a real estate firm, was represented by JLL in securing $65.5 million in construction financing for the project. The JLL Capital Market’s Debt Advisory team, led by Director Rob Bova and Senior Analyst Ellie Savage, facilitated the financing.
“3850 Blake presents an attractive investment opportunity in one of Denver’s most vibrant neighborhoods,” Bova commented.
With almost 40% of the units priced to be affordable for individuals earning 70% of the area median income, and over 70% accessible to those earning below 100% of the AMI, the development aims to provide attainable urban living options.
The multifamily property will boast 12,000 square feet of amenity space, including an elevated pool deck offering stunning mountain views, a clubhouse, coworking zones, an indoor/outdoor fitness center, and a lobby designed to engage with the surrounding community.
The land parcel is owned by 3850 Blake Owner LLC, which acquired it for $9.6 million in April 2022, as per Denver property records.
RiNo has seen significant growth in recent years, with 26,000 new residents moving to the area between 2019 and 2020 alone.
FORMATIV, a Denver-based real estate investment and development firm, is known for its diverse portfolio that includes multifamily housing, office spaces, hospitality venues, condominiums, and large-scale master-planned communities.
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