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Titan Development and Pivot Development have formed a joint venture to close on a new $80 million multifamily development in the Interlocken Technology Park within the MidCities District of Broomfield. The project is located directly off the Boulder turnpike, an important area thoroughfare.
Located on a 3.3-acre land parcel, the new 254-unit luxury apartment complex is called The Lock at Flatirons and will feature a sky lounge, fitness center, pool, bike storage and stations, secure access parking, technology packages throughout the property, and co-working space.
“This is an important investment for Titan’s private equity platform,” Ben Spencer, fund manager, and partner at Titan Development, said in a press release this week. “We are excited to partner with Pivot and Olympus Property to deliver on a fantastic project in this fast-growing market.” Olympus Property is a full-service, multifamily investment group and an equity investor in the project.
Construction is expected to begin in the third quarter of 2021, with completion planned within approximately 28 months.
The Lock at Flatirons is among many other projects that Titan is planning and developing in the region via its Titan Development Real Estate Fund II (TDREF II), which closed in February of this year and is already 50 percent committed.
Titan’s previous fund is nearing completion, with more than 70 percent of the $112 million portfolio completed. Additional funds are coming soon and will support Titan’s growing pipeline of multifamily and industrial projects.
“The Lock at Flatirons comes at a crucial time for Denver-area residents, as the local multifamily market has overwhelming demand,” Josh Rogers, Vice President of Development at Titan Development, said, referring to Denver’s burgeoning multifamily investment market, which puts Denver among the top 10 cities in the nation–even landing on the No. 1 spot for high-income renters, according to the press release which sites an unnamed study.
“The ongoing housing shortage has also fueled rising rents,” Josh said. “Our Fund is investing in multifamily projects, like The Lock at Flatirons, and providing an attractive solution to these challenges.”