JSQ Multifamily 2 Ventarra Leasing Exceeds Expectations
Ventarra (Main Street) is a ground up multifamily development located south of Denver in Parker, CO. Ventarra is currently under construction and leasing up. When complete it will feature 9 buildings comprised of 306 units. The first units at Ventarra were delivered on Oct 1, 2015. The clubhouse and leasing facilities opened in September 2015 and one additional building is scheduled to come online each month through May of 2016. The property manager plans to market the property for sale in Q2 or Q3 2016. Currently Ventarra is 19% occupied and 33% leased.
Lease up started in late August 2015. To date lease up at the project has exceeded expectations. The property is now 33% leased and leasing velocity at Ventarra has been higher than at nearby comparable properties.
Talks with several local brokers have confirmed the Parker, Colorado submarket is popular with investors that are seeking new product in and around Denver, Colorado. Ventarra is the highest quality multifamily property in the Parker submarket and is commanding rents higher than any of the nearby comparable properties.