Multifamily development bouncing back

Denver Business Journal – by Dennis Huspeni

Date: Friday, May 20, 2011, 4:00am MDT
Kathleen Lavine | Business Journal

Construction continues on the South Lincoln apartment project at 1099 Osage St. Eighteen Denver-area communities with 2,450 apartments are being built currently, as vacancy rates reach a 10-year low.

After a years-long cold period, Denver’s multifamily development sector appears to be coming back, according to industry experts.

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“We are poised and probably in the early stages of that resurgence for sure,” said Rocky Sundling, district manager of Colorado for Camden Property Trust (NYSE: CPT), one of the nation’s largest apartment real estate investment trusts (REIT).

“Every developer, or want-to-be developer, in and out of the state has been in town in the past eight months.”

The factors driving the resurgence include declining vacancy rates, increasing rents, lack of development in recent years, more favorable loan environments and a post-foreclosure …

Read more: Multifamily development bouncing back | Denver Business Journal

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