Investment Summary

Site: 4190 W Colfax Ave, Denver, CO 80204

StoryBuilt is pleased to present its West Colfax project, a boutique, mixed-use multifamily rental community in the rapidly improving West Colfax corridor. Building on StoryBuilt’s successes in Austin, Dallas, San Antonio, and Seattle, the West Colfax project is the company’s second community in Denver. StoryBuilt controls a 0.43-acre site at 4190 West Colfax Avenue for the development of 83 efficiency rental apartment units above ground floor retail. StoryBuilt is seeking up to $1.83M 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 13-15 month hold.

Market Highlights

The property is in a rapidly improving section of West Colfax Avenue 2.3 miles west of Downtown Denver. It is adjacent to the St. Anthony’s Hospital redevelopment, a node of significant growth and improving neighborhood amenities. The site is well served by both high frequency bus and light rail transit, and City plans contemplate $75 million of additional improvements along the Colfax Corridor focusing on the pedestrian experience and prioritization for bus transit.

The subject property is in the epicenter of transformational activity along West Colfax Avenue. The site is within two blocks of new neighborhood additions like Sloan’s Lake Tap and Burger, Alamo Drafthouse, Mizuumi Ramen and Sake Bar, and Cheba Hut Subs. Other retail amenities like Little Man Ice Cream and Seedstock Brewery are less than half a mile from the site. The site also has easy access to regional amenities like King Soopers Grocery, Target, and the popular Edgewater Public Market.

StoryBuilt intends to develop a six-story efficiency apartment community with 83 total units and 1,300 square feet of ground floor retail. Units range in size from 360 to 835 square feet with monthly rents between $1,250 and $2,150, offering modern, efficient, urban living at a reasonable price in a rapidly transitioning neighborhood near Downtown Denver.

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OFFERING SIZE
$1,830,000
(100% subscribed)

MINIMUM INVESTMENT
$100,000

SUITABILITY STANDARDS
Accredited Investors

TERMS
14% Fixed Preferred Return Annualized
13-15 Months

TYPE OF INVESTMENT
Acquisition and Pre-Development

ENTITLEMENT + PERMIT UPDATES

Updated: 11 May 2021 | 1:00pm CST

  • Assembled consultant team, including civil engineer, structural engineer, MEP engineer, and pre-construction general contractor.
  • Completed 100% schematic design of an 80+ unit multifamily rental project.
  • Currently seeking third-party GC construction costs to update and refine project underwriting.
  • Preparing to submit Site Development Plan applications to the City of Denver in Q2 2021.