Trailblazing: Chestnut Ridge, Denver, CO
“Convenient Living Near Mile-High Innovation”
During the past few years, Denver has emerged as one of the nation’s top technology hubs. According to CB Richard Ellis (CBRE), Denver has the nation’s 12th largest tech-talent labor pool with 115,000 workers, a 31% increase from 2015 and the sixth-fastest growth rate in the nation. Denver produced nearly 22,000 tech degree graduates between 2015 and 2019, ranking ninth on CBRE’s “brain gain” index. In 2021, Denver ranked first in the U.S. for job growth within the science, technology and mathematic (STEM) sectors.
We have been following these trends and are excited about our acquisition last September of Chestnut Ridge in Denver’s Tech Center area. The 156-unit property is 12 miles southeast of downtown Denver and three miles north of the Southeast Business Corridor, Denver’s largest employment center with over 37 million square feet of office space. The Tech Center is home to notable companies Zoom, RingCentral, Xero, Comcast, Agilent Technologies and Arrow Electronics.
Chestnut Ridge, built in 1986, is situated on a 6.3-acre parcel and includes a mix of studios and one- and two-bedroom apartments averaging 865 square feet. The property features a 24-hour fitness center, swimming pool, outdoor barbeque area and clubhouse. The seller completed $2,000,000 in capital expenditures during their ownership including interior apartment renovations, upgrades to common area amenities, exterior painting and replacement of all roofs. We are enhancing the property’s common areas with upgrades to the clubhouse including new furniture and décor, a package locker and a dog park.
Chestnut Ridge is a relatively affordable housing option in a high-end suburban market surrounded by mostly owner-occupied homes. The property’s low-density (24 units/acre), spacious units and desirable amenities appeal to families and work-from-home residents. Residents have an abundance of nearby retail options including Whole Foods and Target and the property provides quick access to several major retail destinations including the Cherry Creek shopping district and Park Meadows Mall, Colorado’s largest indoor shopping center.
As Denver’s tech scene continues to flourish, we look forward to welcoming new residents into our community.
Chestnut Ridge – Pool Area
Chestnut Ridge – Clubhouse Lounge
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Population Growth: Since 2010, Denver’s population grew 17%, from 2,472,000 to about 2,900,000. The region ranked 5th in the U.S. in population growth for big cities during that period. By 2030, the population is expected to increase to more than 3,600,000, an annual growth rate of about 3%, among the fastest in the nation.
Employment Growth: From 2010-2020, cumulative job growth in the Denver metro area was 17%, a gain of 310,000 jobs. This is more than 40% above the national average for job growth.
Home Inventory and Values: Metro Denver, with 1.4 million households, only had 1,477 homes available for sale in December 2021. This lack of supply, combined with strong demand, drove record price gains. The median price of a single-family home sold in metro Denver rose from $503,000 at the end of 2020 to $599,990 at the end of 2021, a 19% increase.
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