SOURCE: The Picerne Group

The Picerne Group

September 30, 2014 12:31 ET

The Picerne Group Breaks Ground at Venue on 16th, 180-Unit Apartment Community in Denver's Historic City Park Neighborhood

Infill Multifamily Development in Growing Area Will Offer Easy Access to Dining, Entertainment and Employment

DENVER, CO--(Marketwired - Sep 30, 2014) - The Picerne Group, a privately held real estate investment firm based in Southern California with a regional office in Denver, has broken ground at Venue on 16th, a 180-unit rental community on 1.73 acres in Denver's City Park neighborhood. Construction is expected to be completed and ready for leasing by late 2015.

Approximately 25 people, including Denver City Councilman Albus Brooks, attended the groundbreaking ceremony on September 24.

"This is truly an infill project in the historical and iconic City Park neighborhood, which is experiencing a lot of growth and redevelopment," said The Picerne Group's managing director Christopher Davis. "A block from the park and dining and entertainment on Colfax Avenue, this prime location offers an array of amenities and will cater to a wide demographic. Even though this project is close to employment in downtown and Cherry Creek, this new community will offer residents a desirable neighborhood lifestyle."

The 155,000-square-foot five-story apartment building, designed by Denver-based JG Johnson Architects, will include 14 studios, 99 one-bedrooms, 63 two-bedrooms and four three-bedrooms, wrapped around a 243-space garage on the first level and a podium courtyard and pool on the second level. Interiors will be contemporary in design with gourmet kitchens including stainless steel appliances, granite countertops, European-style cabinetry, wood plank-style flooring, oversized bathtubs and mudrooms with ample storage and bike racks. Residents will have access to a resort-style pool and spa with cabanas and barbecues, a top-floor sky lounge with views of the mountains and City Park, a state-of-the-art gym and yoga studio, a pet-washing station, bocce ball court, bicycle storage and maintenance room as well as car charging stations.

CFC Construction, an industry-leading construction company based in Golden, Colorado, is the general contractor.

According to the National Association of Home Builders' formula to determine the local impact of multifamily housing in typical metro areas, adding 180 rental apartments will generate $14.2 million in local income, $1.4 million in taxes and other revenue for local governments, and 220 local jobs.

About The Picerne Group
The Picerne Group (TPG) is a privately held, Southern California-based real estate investment firm that focuses on real estate investments nationwide, as well as best-in-class asset management. TPG has successfully invested more than $1 billion in real estate equity and debt, diversifying investments across a variety of property types and geographies in the United States. The firm's executive committee members combined have decades of experience in managing complex portfolios of residential and commercial real estate, joint ventures and loans. Additional information is available at www.picernegroup.com.