Site: 5725 + 5785 W 38th Ave, Wheat Ridge, CO 80212
StoryBuilt is pleased to present its West 38th Avenue project, a townhome community in the established Wheat Ridge neighborhood. Building on StoryBuilt’s successes in Austin, Dallas, San Antonio, and Seattle, the West 38th Avenue project is the company’s first community in Denver. StoryBuilt controls a 1.24-acre land assemblage in northwest Denver for the development of 26 attached, single-family, urban homes. StoryBuilt is seeking up to $1,230,000 of limited partner equity to fund acquisition and pre-development activities through construction start. Investors will receive a 14% fixed Preferred Return based on an anticipated 12-15 month hold.
The subject site is in an area of increasing demand in Northwest Denver. The City of Wheat Ridge rezoned the 1.5 mile stretch of West 38th Avenue between Sheridan Boulevard and Wadsworth Boulevard to mixed-use MU-N zoning in October 2012. With this new mixed-use zoning in place, the site is positioned to benefit from increasing infill redevelopment and adaptive re-use activity pushing westward from the Highlands and Berkeley neighborhoods. The site is located within walking distance of neighborhood grocery stores, parks, and restaurants, and is less than one mile from the recently transformed Tennyson Street corridor, which boasts some of the city’s best new restaurants, bars, and cafes.
StoryBuilt intends to build homes ranging between 1,400 and 2,000 SF and priced between $525,000 and $700,000, bringing modern, thoughtfully designed housing at attainable price points to this walkable neighborhood close to Downtown Denver. At the end of pre-development, StoryBuilt will buy the land from the partnership, finance the overall project, and start construction. Upon exit, investors will have the option to either sell their stake or roll over into another land investment opportunity at market terms.