"The property's hillside orientation affords the most sought-after views within Castle Rock," says Eric Hagevik of Fairfield Residential. "The western exposure allows for unobstructed views of the Rocky Mountains, while north- and south-facing homes also take advantage of partial views of the mountains."

Echo Ridge is near the southern edge the southeast corridor, where most of the growth has occurred in the metro area over the past decade. The corridor employs more than 200,000 in more than 20,000 businesses. With more than 39 million sf of office space, the corridor is responsible for approximately 25% of the state's economic output, and is a center for financial services, professional services, telecommunications and technology. Local employees include CH2M, First Data Corp. and Visa USA. The property is also a 15-minute drive from both the Denver Tech Center and the Park Meadows regional mall. Douglas County was the fastest growing county in the US from 1990 to 2000.

"And with the continued influx of jobs and office development, there is unlimited potential for future growth in the county, which will add even more strength to this asset," Martin adds. But he notes there were only 1,588 permits issued for multifamily rental units in Denver, a 42.9% decrease from the same period a year earlier.

"The combination of constrained new construction, coupled with Denver's strong population growth, rising single-family housing costs and ever-increasing multifamily construction costs bodes well for the ongoing success of rental rate growth," Martin says.