Atlanta-based real estate company closes on the land for 386-unit transit-friendly residential community
DENVER (April 22, 2021) – RangeWater Real Estate announced today the land closing on their first apartment community in Denver’s up-and-coming “Fox Station neighborhood.” Known as Fox Iron Works, the project serves to better enhance residents’ connectivity to transit and provide renters a close living option to downtown Denver. Construction begins this month.
Located at 651 W 42nd Ave., the 386-unit apartment community marks the company’s second project in Colorado. RangeWater’s first development, The Armory, is a 201-unit apartment community currently under construction in Boulder with first units expected to deliver this summer. RangeWater continues to focus on new and emerging urban and suburban markets for Colorado investments, particularly those with strong connectivity.
The Fox Station submarket, known in the past for being a heavily industrial neighborhood, is poised for tremendous growth with the light rail station at 41st and Fox Streets and development of Fox Park which will include the future home of the World Trade Center. Fox Iron Works will be one of the first new developments to deliver in the area since the station’s opening.
“We’ve placed a strong emphasis on building communities that provide our residents with more than just a home, but a truly fulfilling lifestyle,” said Steven Shores, President and CEO of RangeWater. “With continued opportunities planned for this new Fox neighborhood, our residents will find themselves steps away from the light rail station, providing access to all downtown Denver has to offer within minutes. We’re excited to plant our development flag in Denver, and look forward to doing more in this city.”
The apartments are designed to appeal to a mixed demographic of renters, from young professionals to empty nesters to office workers wanting to live close to downtown. Fox Iron Works will be directly adjacent to the light rail station and only one stop from downtown. In line with the transit focus, the apartment community will feature a transit room displaying the train and bus schedules, designated spaces for Uber and Lyft to help facilitate ridership with a screen showing, and ample bike storage to take advantage of the access to the bike path adjacent to the rail line.
“Fox Iron Works is ideal for residents who value authenticity and connectivity,” said Kim Sperry, Denver-based Managing Director of Development at RangeWater. “Residents can hop on the train and be in the heart of downtown in five minutes, while also being in close proximity to the dining options in both the Sunnyside and Lower Highlands neighborhoods. Our design pays homage to the former Central Denver Ironworks. We’ve placed a major focus on connectivity, through both our physical location and the design, and we’re excited to bring this concept to life for Coloradans.”
The community will feature a mix of studio, one- and two-bedroom apartments, with the first units expected to be delivered late spring 2023. In addition to the transit-focused amenities, Fox Iron Works will house a rooftop deck with sprawling views of the downtown Denver skyline and Front Range of the Rocky Mountains, as well as dedicated coworking space and plans for a unique community coffee shop.
Marble Capital joins RangeWater as equity partner on the new asset. CBRE brokered the loan closing.
RangeWater is known for acquiring, developing, managing and investing in best-in-class communities across active markets in the Sun Belt. For more information, visit LiveRangeWater.com.
About RangeWater Real Estate:
RangeWater is a fully integrated multifamily real estate company creating fulfilling experiences for its partners, clients, residents and employees across the Sun Belt. The Atlanta-based company has acquired and developed more than 28,000 multifamily units since its inception in 2006 representing in excess of $4.8 billion in total capitalization. RangeWater currently manages a balanced portfolio of over 53,000 multifamily units across 10 states. With offices in Atlanta, Dallas, Denver and Tampa, RangeWater targets high job growth markets with demand for new housing.
About Marble Capital:
Marble Capital is a principal investor providing capital solutions to multifamily developers and operators nationwide. Since its inception in 2016, the firm has invested in ~12,000 multifamily units worth $2.4 billion in total capitalization. Learn more by visiting www.marblecapitallp.com.
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