Amstar and Allied Realty Break Ground on 332-Unit Central Denver Luxury Apartment Project

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Amstar, a Denver-based real estate investment manager, in partnership with Allied Orion Holdings, a Texas- and Colorado-based apartment developer, have announced that they will commence construction this month on 2785 Speer, a 332-unit apartment project located on Speer Boulevard in the popular Highlands/Jefferson Park neighborhood of Denver, Colorado.

Amstar, a Denver-based real estate investment manager, in partnership with Allied Orion Holdings, a Texas- and Colorado-based apartment developer, announced today it will commence construction on 2785 Speer, a 332-unit apartment project located on Speer Boulevard in the popular Highlands/Jefferson Park neighborhood of Denver, Colorado. The project is scheduled to break ground this month with a delivery date in the spring of 2015.

The 5-story building will offer an array of floor plans including studios, one bedroom, two bedroom, and three bedroom units. Each unit will feature granite countertops, stainless steel appliances, 9 foot ceilings, simulated hardwood floors, and balconies with breathtaking views of downtown Denver. The residents will be able to enjoy a variety of amenities including a swimming pool, spa, bocce ball court, dog run, bike workshop, and an outdoor entertainment deck. From the outdoor entertainment deck, the residents will enjoy unobstructed skyline views of downtown Denver while eating, drinking, or watching TV on several large LCD flat panel TVs. The apartment project will also feature approximately 10,800 square feet of retail space on the ground level on Speer Boulevard. The retail space is anticipated to include at least one restaurant that will provide outdoor patio seating along Bryant Street. The buildings are being designed to achieve LEED certification.

“We are excited about the opportunity to partner with Allied and build a Class “A” apartment community to fill the growing demand for housing in the highly desirable Highlands/Jefferson Park neighborhood,” said Kim Sperry, Managing Director at Amstar. “The community will be unique, with unparalleled views and amenities. The location is unmatched as it provides quick access to I-25 and I-70, and it is also within walking distance or a short bike ride to restaurants, nightlife, and entertainment centers in the Highlands and Downtown.”

Lauren Brockman of Allied Orion Holdings will serve as developer of the project. Martines Palmeiro Construction will act as general contractor. Orion Real Estate Services will act as the property manager of the completed community.

About Amstar
Amstar Advisers, LLC is a real estate investment manager that acquires, develops and manages office, multifamily, retail, hotel and industrial properties in select U.S. and international markets. Amstar Advisers, LLC currently has more than $2.3 billion in assets under management (as of December 31, 2012). Amstar prides itself on its ability to decisively take advantage of opportunities in a rapidly changing investment environment while maintaining a commitment to putting its clients’ objectives first. For more information on Amstar, go to http://www.amstar.com/ or contact Amstar Managing Director Rob Toomey at rob(dot)toomey(at)amstar(dot)com.

About Allied Realty
Allied Realty is a leading fully-integrated, multi-family real estate investment and development firm headquartered in Houston, Texas, with an additional office in Denver, Colorado. Founded in 1985, Allied Realty has a successful track record in identifying, evaluating and executing multi-family development and acquisition investments on behalf of its investor partners. Allied Realty pursues a range of multi-family real estate investments that offer investors the opportunity for maximizing risk-adjusted returns, with a strong focus on capital preservation. Allied Realty and its investment partners have successfully and profitably acquired or developed more than 13,000 multi-family units with a total aggregate value of approximately $1.1 billion.

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Rob Toomey
Amstar
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