From a demand standpoint, independent research from PPR points to favorable macroeconomic trends in Denver which have historically boded well for multifamily. Both greater Denver and the Interlocken submarket have posted 10-year lows in vacancy for 3^rd quarter 2010 with no new units projected to come to market in the near future, according to a prepared statement. “These trends combined with Denver’s young population—21.4% of the population is 20 to 34 years old—should tighten apartment occupancy and create upward pressure on rents during the investment period,” according to the release. Further, Conoco Philips is slated to build 1.5 million square feet of office on a 450-acre campus within close proximity to Terracina commencing in 2011. The campus is estimated to employ more than 7,500 people.

Terracina was developed and constructed by Catalina Development Company in 2009 and includes four, four-story buildings with one- and two-bedroom configurations. Community amenities include a pool, spa and clubhouse with community room, business center, fitness center, Wi Fi internet, yoga lounge, outdoor game room with fire pit, and basketball court and structured parking with floor level access. All units include a balcony or patio, nine-foot or vaulted ceilings, crown molding, oval tubs, washer and dryer machines, and some units include electric fireplaces, island kitchens, five-fixture baths, and granite countertops and upgraded appliances.