New Highlands 122-unit apartment building in downtown Denver

Denver City

Cioffe Enterprises [CEI], is pleased to announce it has acquired a position in “The Walcott”, a New Highlands 122-unit apartment building in downtown Denver, just across from the vibrant and community-based Viking Park.  Though perhaps best known for world-class winter sports and craft beer, the Denver area economy is growing faster than its housing supply, creating value-add opportunities for smart investors

Located 1.5 miles from downtown and just across the street from beautiful Viking Park, the Walcott is a proposed 122 unit luxury apartment complex.  This is our sixth investment to-date, with Waypoint Residential, a national real estate investment firm with over $2 billion invested across 20,000 multifamily and student housing units

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A relatively low-cost, outdoor-focused lifestyle draws residents from across the country.

While craft breweries and ski resorts may not seem like an obvious driver of real estate demand, the appeal of Denver’s active, outdoor-focused lifestyle has been steadily enticing residents away from other cities: Census Bureau numbers indicate that millennials have been migrating to Denver en masse. According to a Brookings Institution study, Colorado Springs and Denver have seen more millennial in-migration than any other cities in the country except San Antonio.

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Denver’s solid infrastructure supports a booming local economy.

Centrally located between Chicago and Los Angeles, Denver has benefited from significant investment in its airport. Coupled with high-quality colleges and universities, the area’s infrastructure makes it an appealing location for businesses, which has supported strong population growth. From 2015-17 Colorado drew in close to 265,000 residents, and from 2016-17 its labor force swelled by more than 140,000, with gains concentrated in high-paying jobs.

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Lack of housing in the area continues to drive rapid price appreciation.

As population growth has outpaced new construction, inventory constraints have spawned rapid housing price increases. As of December 2017, Denver ranked fifth in the country for home price appreciation as measured by the CoreLogic Case-Shiller index. Meanwhile, apartments have seen healthy rent growth. With Denver ranked the sixth-most undersupplied market in the country by Apartment List, rents are expected to continue rising at a rapid clip.

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Denver Apart

Denver Park


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