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Writer's pictureRealFacts Editorial Team

Grand Peaks to provide rent-free apartments for teachers


Building up for leasing

Denver’s skyline has a new crown jewel, and it’s setting the bar for luxury living and community integration. The Skyline at Highlands, with its 533 residential units and 93 hotel rooms, celebrated its grand opening last month, marking it as the largest apartment property built in Colorado since 2002. This ambitious project, developed by Denver-based Grand Peaks in partnership with New York City's Access Industries, brings a fresh wave of modernity and community spirit to the Highlands neighborhood, offering significant implications for investors.


A Grand Opening with a Purpose


The grand opening was more than a celebration of architectural and developmental achievement; it was a testament to Grand Peaks' commitment to community enrichment. In a heartwarming gesture, the developer announced a partnership with the Denver Public Schools Foundation. Over the next two years, ten apartments at Skyline at Highlands will be donated to Denver teachers, selected through a drawing by the DPS Foundation. Each educator will receive a rent-free lease for one year, a significant contribution that underscores the value of supporting those who shape the minds of future generations. This initiative strengthens community ties and enhances the property’s reputation, which is a positive signal for investors looking at long-term community engagement strategies.


Skyline at Highlands: A Monumental Development


Elli Lobach, the senior vice president of development at Grand Peaks, acknowledges the challenges of bringing such a large-scale project to fruition. "Finding the right zoning, lining up financing, absorbing bigger risks, and dealing with the larger timeframes required for design and entitlement are all part of the process," Lobach explained. Despite these challenges, the result is a striking $270 million property that harmoniously blends into its environment.


The development features a variety of structures, from low-rise buildings adjacent to a residential neighborhood to towering high-rises on the north end, offering breathtaking views of the city. The design, a modern blend of white and deep blue paneling, draws inspiration from the work of 20th-century Dutch abstractionist painter Piet Mondrian. The visionary architecture, crafted by Oz Architecture, creates a visually appealing and cohesive urban living space.


Luxurious Living and Thoughtful Amenities


Skyline at Highlands offers a range of living options, from studios to two-bedroom units, each adorned with high-end finishes, stainless steel appliances, in-unit laundry, and smart home features. Rents start at $1,724, reflecting the premium quality and location of the residences. For investors, this range of unit sizes and high-quality finishes positions the property to attract a broad spectrum of tenants, from young professionals to small families, ensuring a steady demand.


The amenities at Skyline are designed to cater to a variety of lifestyles and interests. Residents can enjoy a sky lounge, dog park, fitness center, pool and hot tub, game lounge, music room, and movie room. For those who enjoy outdoor activities, equipment rentals are available, and the coworking space provides a perfect environment for remote work. The concierge services, provided through a partnership with Denver-based Experiential Living, ensure that every need is met with efficiency and care.


In addition to residential units, Skyline at Highlands is home to Sonder at Skyline, a hotel offering furnished apartment-style accommodations. This integration of hotel and residential living provides a unique blend of transient and permanent residents, fostering a dynamic and vibrant community. For investors, this hybrid model diversifies revenue streams, making the property resilient to market fluctuations.


Denver’s Growing Multifamily Landscape


Skyline at Highlands joins an elite group of recent large-scale apartment developments in Colorado. Over the past eight years, only six other properties have been built with 465 apartments or more, including Sentral Union Station and Country Club Towers II and III in Denver, Avra at RidgeGate Station in Parker, Novel Rino by Crescent Communities in Denver, MAA Promenade in Westminster, and Parkhouse Apartments in Thornton.


Each of these developments, like Skyline at Highlands, faces its challenges, from zoning and financing to design and risk management. Yet, they collectively contribute to the evolving urban landscape, offering modern living solutions to meet the growing demand in Colorado’s major cities. Investors can view this trend as indicative of the robust and expanding market for high-density, amenity-rich urban living spaces in Denver and its surrounding areas.


Investor Implications


Skyline at Highlands stands as a testament to the vision and perseverance of its developers, and it offers promising opportunities for investors. The property’s mix of luxury living, community engagement, and diversified revenue streams makes it an attractive investment. The donation of rent-free apartments to teachers not only enhances community goodwill but also increases the property’s visibility and reputation.


The modern design and extensive amenities cater to a wide range of residents, ensuring high occupancy rates. Additionally, integrating hotel accommodations provides a buffer against market volatility, making the investment more resilient. With the ongoing demand for high-quality, multifamily developments in Denver, Skyline at Highlands represents a solid, forward-looking investment opportunity in a vibrant and growing market.

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