Apartment developers see dollar signs in Denver

City's 'cool' factor drives inmigration, job growth

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In 2011, Chris Cowan, a senior associate broker with Apartment Realty Advisors in Denver, Colo., completed 10 land sales, and his pipeline is already stuffed with potential deals for about the same amount of transactions this year 2012. All the land will be going to multifamily projects. Denver is quickly becoming an apartment kind of town. In 2011, about 1,400 apartment units were completed in Denver and this year those numbers are expected to jump to 2,600 units, said Mark Williams, executive vice president of the Apartment Association of Metro Denver."Then we expect 4,000 units in 2013 and 6,000 in 2016. If a couple of things fall into place, those numbers will actually be even better. By 2016, we could be building greater than 6,000 units." There are number of reasons why Denver developers would choose to build higher in the Mile High City. First off, Denver is an older city that can boast a successful downtown rebirth; core Denver has become an extremely popu...