Work began last month on a new 310-unit multifamily development in Denver’s River North Art District.
The 16-story residential building, known as 3850 Blake, will be built on a vacant lot at the corner of Blake Street and 38th Street.
The development is expected to be completed in the third quarter of 2027 and will feature a mix of studio, one- and two-bedroom apartments, with units averaging 563 square feet.
JLL represented real estate firm FORMATIV in securing $65.5 million construction financing for the development. JLL Capital Market’s Debt Advisory team was led by Director Rob Bova and Senior Analyst Ellie Savage.
“3850 Blake represented a compelling opportunity in one of Denver’s most dynamic neighborhoods,” Bova said.
“The project’s efficient unit mix, extensive amenities and transit-oriented location position it well to meet the strong demand for luxury rental housing in RiNo.”
Nearly 40% of residences are priced to be affordable for individuals earning 70% of the area median income, while over 70% are accessible to those earning below 100% of the AMI, making the development a step toward attainable urban living.
The multifamily property will also offer 12,000 square feet of amenity space, including an elevated pool deck with unobstructed mountain views, a clubhouse, coworking zones, an indoor/outdoor fitness center and a programmed lobby designed to engage with the surrounding neighborhood.
The parcel of land is owned by 3850 Blake Owner LLC and was purchased in April 2022 for $9.6 million, according to Denver property records.
RiNo has experienced exponential growth in recent years, with 26,000 new residents relocating to the area from 2019-2020 alone, according to a news release on the project.
The neighborhood features over 150 restaurants, bars, galleries and entertainment venues within a 10-block radius of the development.
FORMATIV is a real estate investment and development firm based in Denver. The firm’s portfolio encompasses multifamily housing, office spaces, hospitality, condominiums and large-scale master-planned communities, including projects such as The Hunter in Colorado Springs and Denargo Market in RiNo.
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