COLORADO SPRINGS, CO-Western National Group has revealed a joint venture relationship to develop three upscale highly amenitized multifamily projects in Colorado Springs catering to professionals and young families. Western National Realty Fund II LP and Nor’Wood Development Group will be equal partners in the new developments.
The JV has chosen strategic infill locations that will offer residents unique access to an array of activities and amenities such as entertainment, restaurants and trail systems, according to Kevin Hampton, VP of development for Western National Realty Advisors, an affiliate of WNG. Hampton tells GlobeSt.com that construction costs on the projects will be “more than $100-million over the next two years.”
Hampton notes that the company has successfully developed and operated projects in the Colorado Springs market in the past. “We think the market is attractive due to many factors, including a growing population which is dynamic and highly educated,” he says. “In addition, Colorado Springs has not experienced a lot of new construction in the past five years which has resulted in a shrinking vacancy of existing product. Demand for our new multifamily projects should be quite strong.”
The joint-venture’s first development will be a 315-unit apartment community on which groundbreaking is anticipated for early 2012.
“Our first development, which is within Nor’wood’s First & Main Town Center, will be highly desirable because our residents can walk to shopping, dining and movies just outside their door,” Hampton adds.
Following the First & Main development will be a second 260-unit project located at the North Pointe complex in the Rockrimmon submarket. Design on a third community, located at Woodman & Powers near the St. Francis Medical Center, is currently being finalized.
Local developer, Nor'wood Development Group has a portfolio in excess of 1.8 million square feet of retail, office and other commercial space. Some of its master-planned communities include: Nor'wood, Wolf Ranch and Mesa Ridge, boasting nearly 5,000 acres of residential and mixed-use land.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
