BROOMFIELD, CO – Titan Development and Pivot Development, leading real estate development and investment firms, have formed a joint venture to complete a $ 80 million new apartment building in Interlocken Technology Park in the MidCities District of Broomfield, Colorado, a suburb of Denver . The project is located directly on the Boulder Turnpike, an important traffic artery in the area.
The new luxury apartment complex with 254 units is called The Lock at Flatirons on a 3.3 hectare property in the coveted Interlocken district and will have improved facilities and equipment, a sky lounge, a fitness center and a pool in the resort. Providing style, bicycle storage facilities and stations, guarded parking spaces, technology packages throughout the building and co-working space. The new development is within walking distance of a number of shops, restaurants and grocery stores. The new project is uniquely located midway between Denver and Boulder, offering future tenants easy access to cities and nearby employers including Oracle, CenturyLink, Ball Corporation, Salesforce, Uber, Vail Resorts and Urban Lending Solutions – all with more than 7,000 jobs.
"This is an important investment for Titan's private equity platform," said Ben Spencer, fund manager and partner at Titan Development. "We are excited to work with Pivot and Olympus Property to bring about a fantastic project in this fast growing market." Olympus Property is a full-service, multi-family investment group and an equity investor in the project.
Titan and Pivot will work closely together to make the project a success. Construction is scheduled to start in the third quarter of 2021, with completion scheduled in around 28 months.
"Broomfield has been a market we've been interested in for some time. The Lock at Flatirons not only provides much-needed housing for the influx of young professionals working at Interlocken Technology Park and Westmoor Technology Park, but it also offers luxury options for the wider Broomfield- Community. With this location, we combine the convenience and excitement of urban living with the convenience and comfort of suburban living and deliver the live, work-play lifestyle our residents desire, "said L. Matthew Hare, President and CIO at Pivot Development. "Pivot worked on this project for 18 months before partnering with Titan along with our team of consultants and the City of Broomfield to bring The Lock at Flatirons to life. We are very much looking forward to our new collaboration with Titan & Olympus-Property."
The Lock at Flatirons is among many other high-end projects that Titan is planning and developing in the region through its Titan Development Real Estate Fund II (TDREF II), which closed this February and is already 50% committed. Titan's previous fund is nearing completion as more than 70% of its $ 112 million portfolio has been completed. Additional funding will be made available shortly and will support Titan's growing pipeline of multi-family and industrial projects.
"The Flatirons lockdown comes at a crucial time for residents of the Denver area as the local apartment market is in overwhelming demand," said Josh Rogers, vice president of development for Titan Development, referring to the burgeoning apartment investment market in Denver, the Denver among the top 10 cities in the country – according to a new study published this year, it even ranks first for high-income tenants. "The ongoing housing shortage has also fueled rising rents," Josh continued. "Our fund invests in multi-family projects like The Lock at Flatirons and offers an attractive solution to these challenges."
Titan has a strong track record in apartment buildings and has completed eight projects totaling 1,772 units at a development cost of $ 246 million. In addition, Titan is currently building three multi-family projects for a total development cost of $ 147 million in New Mexico; In addition, five multi-family projects in New Mexico and Colorado are in the planning phase, while additional multi-family projects in Texas are being evaluated.