Wazee Partners retained Colorado Lease Up to achieve new pricing points for the Wheat Ridge sub-market. Delivered in December 2019, this lease up was challenged by the onset of Covid-19, which resulted in a near shutdown across the Denver market. Cardinal Group managed the project, and they assigned Colorado Lease Up the task of receiving units from construction, pricing each unit, and securing all leases. The 218-unit community pre-leased at 20% while offering zero concessions. The project stabilized in September, seven months after final C.O.; five months ahead of projected stabilization. Colorado Lease Up pricing was $50 higher than budgeted per door. Concessions saved were in the $220,000 range.
Clay Short and Colorado Lease Up were instrumental in the success of our new development at West 38th in Wheat Ridge. I will never do another lease up project without Clay’s involvement.”
Tyler Downs, Principal
Wazee Partners, Denver, CO
https://www.missionrockresidential.com/apartments/co/wheat-ridge/west-38/
