Denver's Multifamily Housing Boom Best in 25 Years; Surge Will Continue in 2001

DENVER-In one of the most comprehensive reports on the Denver-area multifamily market ever completed, Jerry Kendall, a multifamily specialist with Cushman & Wakefield of Colorado Inc. concludes the area is enjoying the largest apartment boom in about 25 years.

His report lists 142 separate projects by size, address and developer in three categories: completed in 1999 or 2000, under construction or proposed. Together, they represent 42,312 new units with an estimated completed retail value approaching $5 billion.

Although the Denver area hasn’t seen this kind of apartment building since the early to mid-1970s, Kendall says the market isn’t in danger of overbuilding. “I can’t say this enough ways,” Kendall tells GlobeSt.com “If all of this new product came on line in the next 12 months, we’d be in deep trouble. But some of these proposed projects will never be built. In some cases, the developers don’t own the land yet, they don’t have financing lined up, and they don’t have their zoning.”