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Pinnacle Partners announced plans to develop a new multifamily housing project in an Opportunity Zone in Denver, Colorado. Pinnacle is providing the LP equity for the deal, with Mortenson Development serving as the developer.
The project will include a mix of studio, one-bedroom, and two-bedroom units. Amenities will include a fitness center, and top floor deck. Located at 2506 West Colfax Avenue, the deck will feature a view of Empower Field at Mile High, home of the NFL’s Denver Broncos. The development is walking distance from the South Platte River and several walking and bike paths.
There are a total of ten Opportunity Zones in Denver.
“I have been combing the market for Opportunity Zone sites, and this location is perhaps one of the strongest Opportunity Zone sites in the country,” said Jill Homan, managing director for Pinnacle Partners Opportunity Zone Fund VIII.