Forestar Group Inc. (NYSE: FOR) today announced it has formed a multifamily venture with Guggenheim Real Estate, LLC for development of a luxury multifamily community located in Denver, Colorado. The project, to be called 360°, will be located in the southeast business corridor of Metro Denver within the Denver Tech Center market.
“Forestar continues to build momentum in our multifamily business by leveraging our experienced team and resources with outstanding partners to create value for our investors, shareholders, partners and community stakeholders,” noted Jim DeCosmo, President and Chief Executive Office of Forestar. “360° is Forestar’s third new development community this year, including the opening of Promesa and the groundbreaking of Eleven, both located in Austin, TX.”
“We are extremely pleased to partner with Guggenheim, and look forward to working together with them to deliver a successful community and profitable investment,” said Tom Etheredge, Executive Vice President – Multifamily Operations. “The 360° site is exceptionally located within an overall Denver market that currently exhibits attractive supply and demand fundamentals.”
360° will consist of 304 units in two four-story buildings which wrap a six-story parking structure and will feature stunning views of the Rocky Mountains including Pikes Peak. The community will be located in the Greenwood Plaza Business Park, the fifth largest business park in Metro Denver and will be only a few blocks from the Arapahoe Light Rail station, providing easy access to downtown Denver and a wide range of shopping, dining and other activities. Individual units will be available in a variety of studio, one and two-bedroom floor plans, each featuring modern, high quality interior finishes. Common-area amenities will include a rooftop deck, a resort-style pool, grilling areas, outdoor living areas, an upscale clubhouse, executive business center, and state-of-the-art fitness facilities. 360° will embrace responsible apartment living and has been designed to obtain Energy Star certification.