CMG CAPITAL BREAKS GROUND on $50M DENVER APARTMENTS
CONTACT: Nancy J. Sterling, APR
ML Strategies, LLC
(617) 348-1811
njsterling@mlstrategies.com
Denver, CO - CMG Capital began construction on a $50 million multi-family project called Momentum at First Creek in Denver, Colorado. The company partnered with Massimino Development to develop the property, which is located at 56th Avenue & Telluride Road within the high growth corridor of Denver International Airport. The Momentum project is the second CMG Capital and Massimino Development partnership in Colorado. The partnership broke ground on Farm Haus Apartments in Longmont in August 2019.
Momentum at First Creek will offer 200 one, two, and three-bedroom luxury apartments encompassing six residential buildings on a nearly 8-acre site. Apartments include designer kitchens featuring stainless steel appliances, quartz countertops, large islands, oversized private balconies, full-size washer and dryers, faux wood plank flooring, master suites with spacious walk-in closets, double vanities, oversized tubs, and nine-foot ceilings. Ranging in size from 620 square feet to 1,412 square feet, rents will start at $1395 and units will be available April 2022.
The development offers an astonishing array of amenities featuring a 7,750 square foot. clubhouse with an impressive resort-style lobby, 24-hour state-of-the-art Fitness Center, coffee bar, co-working offices, expansive lounge areas, game room, indoor/outdoor kitchens, and a dog wash. The property will offer the most robust outdoor amenity program in the market including a resort style pool, oversized spa, two water features, pool cabanas, pool pavilion featuring two outdoor televisions, outdoor fireplaces, Al Fresco dining areas with BBQ pavilion required with gas grills, pizza oven, televisions, outdoor game areas, bocce ball court, dog park, playground and walking path.
“There is nothing like this property in the sub-market,” said Sean Chemtov, CEO of Chemtov Capital. “The amenities are unparalleled and we believe that there is a pent-up demand for this type of development.”
Sean is a limited partner in Connect at First Creek, a 150-unit multi-family development directly adjacent to Momentum developed by Massimino Development. Connect at First Creek's property lease-up began at the peak of the pandemic, is currently stabilized and averaged 18 units per month during lease-up.
