Business & Tech
Granite Capital Grp & Chartered Development Corp Apt. Development
Building to begin on a 264-unit class "A" multifamily apartment community in Longmont, Colorado
Granite Capital Group (GCG), a Santa Barbara, Calif. real estate investment firm with multiple Colorado real estate holdings, and Chartered Development Corporation (CDC), a leading residential real estate developer and builder along the Front Range, recently closed on the acquisition of 10.99 acres for the development of a 264-unit class "A" multifamily apartment community in Longmont, Colorado. GCG raised the investment capital and will manage the partnership; CDC is the project developer and will construct what will be called Nova West Apartments. Nova Investments, Inc. was the seller. The project begins sitework this August with a completion date set for Spring 2023.
Nova West Apartments will be located at the northwest corner of Nelson Road and Dry Creek Drive one block west of Hover. The development will consist of five 4-story, 52-unit, elevator-served apartment buildings with rooftop decks, two dog parks, children's play area, pool and spa, BBQ grills, and spectacular Front Range views. The community will include 123 one-bedroom,121 two-bedroom, 20 three-bedroom apartment units with a mix of available carports and garages.
"The Longmont area is a great place to live and work and is growing in significance in Boulder County. With the supply of housing having not kept pace, Nova West fills an important niche in the area's housing needs providing attainably-priced, elevator-served luxury apartments." says Bruce Savett, GCG founder and principal.
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Nova West boasts a 15-minute commute to Boulder with average rental rates at 25% less than comparable housing in Boulder. Targeted demographics are those who want to live close to employment and near abundant shopping, while enjoying the front-range outdoor lifestyle. "Nova West is designed to have an urban-type feel with rooftop decks and within walking distance to stores, restaurants, banks, and more," says Savett. "Those looking to downsize will also be attracted to Nova. They'll get the luxury of a professionally managed apartment community with everything they may need nearby."
GCG's Nova West Limited Partnership raised $20 million in capital for the project. The projected cost is estimated to be $73.3 million. The property is anticipated to reach stabilization in 2024.
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Enertia Consulting Group, LLC, is the project land planner and civil engineer. Steve Lane of Sessions Architects is the project architect. Sam Stookey, Vice President of Commercial Lending at Westerra Credit Union, worked with CDC to provide construction financing for the development.
Granite Capital Group
Granite Capital Group, Inc. (GCG), a Santa Barbara, California real estate investment firm, provides accredited investors, trusts, and institutions with access to the commercial real estate market through limited partnerships. GCG also offers commercial real estate advisory and 1031 services to individual ultra-high net worth investors. The firm’s real estate opportunities are designed to deliver exceptional returns and mitigate risk while focusing on cash flow and asset appreciation. Granite Management Group, based in Denver, CO, is responsible for the property management, leasing, and property maintenance. GCG currently has approximately $200 million of assets under management. http://www.gcg-re.com
Chartered Development Corporation
Founded in 1986, CDC and its affiliated companies, have developed and/or constructed, owned, managed and financed approximately 5,000 residential units in California, Nevada, and Colorado, with a growing development pipeline of more than 1,000 units along the Front Range. http://www.charteredcompanies....
Enertia Consulting Group, LLC
Founded in 2010, Enertia is an integrated civil engineering company that provides land and infrastructure planning and engineering, traditional and new energy development support, and construction management services. https://www.enertiacg.com
Westerra Credit Union
With its predecessor companies tracing their roots to the 1930s, current day Westerra has become a leading provider of banking and lending services along the Front Range. Sam Stookey, Vice President of Commercial Lending is a 27-year veteran of commercial lending along the Front Range with several leading commercial banking institutions. http://www.westerracu.com. Sstookey@westerracu.com