''Some will want to do all equity deals, others might want to do mini-perms, and other might want to do debt and mezzanine financing,'' Nichols tells GlobeSt.com. ''It's almost tailored to the institutional and their style of investment. Overall, the cost to the developer is quite similar. I anticipate we'll have only lender and or investor.''

She expects a lot of demand from the investment community.

''This is an ideal investor entrée into one of the hottest multifamily markets in the country," Nichols says. "The development will be institutional quality, will co-exist among single-family homes, and is zoned for a multifamily community. Final design and site approvals are in process and ground breaking is scheduled for the spring of 2002."

In addition to Nichols, the Insignia group spearheading the financing effort includes David Nogler and Steven Nicoluzakis of Phoenix and Denver-based Bobby Walsh.

"We're eager to work closely with an institutional player who's as excited about the future of residential opportunities in Denver as we are," Deutsch says.

Farkas adds the strong Denver-area demand for apartments ''is not likely to abate any time soon. The concept of building an apartment community as part of a master-planned development with single family homes and a convenience retail component has been well-received and suits many contemporary lifestyles."

Rental rates for the one-, two- and three-bedroom apartments will range from $885 to $1,455 per month. Martin Design, Inc., architects based in Denver, is designing the project.

Chuck Sweeney, a broker with the Denver office of Hendricks & Co., says there are quite a few multifamily developments in the area, as well as a number of entry-level condominiums and townhomes.

''But that's a very nice infill site,'' Sweeney tells GlobeSt.com. ''Joel is a veteran developer and Harvey is a real smart real estate attorney. And Harvey's cost into the ground isn't nearly as much as someone who is trying to buy ground today. I'd say if anybody could do it, they can.''