Encore Multi Family Inc.Building New Multi Family in Denver
August 17, 2015
From Denver Business Journal
By Molly Armbrister
Encore Multi-Family Inc.
, a subsidiary of Dallas-based Encore Enterprises Inc.
. has acquired a 5.8-acre parcel of land near Evans Avenue and Bannock Street with plans to build a 226-unit apartment complex.
The project, called Encore Evans Station, will be three stories tall and will break ground in the first quarter of 2016, according to the company. Encore Evans Station will be located about half a mile from the Evans light rail station.
"This is Encore's second of several planned multi-family communities in the Denver metro area," said Brad Miller, president of Encore Multi-Family. "The lower-density urban/suburban design will differentiate the community from other high-density properties in the submarket and will include many interesting amenities including the largest pet park in the sub-market."
The project is scheduled for completion in mid-2017.
"With Denver's booming economy, the development of a new apartment community will fit the growing needs of leisure and work commuters," said Bharat Sangani, chairman of Encore Enterprises. "Denver's apartment occupancy has remained over 94 percent since 2011. It has increased in each of the last 20 quarters and is currently at 96 percent."
"The development activity from the north and south ends of South Broadway is making its way to the front door of Encore Evans Station. Combine the nearby hip shops, breweries and fitness studios with the existing light rail access and Encore Evans Station will be a prime location for renters," said Steve O'Dell, executive managing director of ARA, A Newmark Company, which represented the seller in the transaction.