Investment Summary

Site: 5725 + 5785 W 38th Ave, Wheat Ridge, CO 80212

StoryBuilt is pleased to present its West 38th Avenue project, a townhome community in the established Wheat Ridge neighborhood. Building on StoryBuilt’s successes in Austin, Dallas, San Antonio, and Seattle, the West 38th Avenue project is the company’s first community in Denver. StoryBuilt controls a 1.24-acre land assemblage in northwest Denver for the development of 26 attached, single-family, urban homes. StoryBuilt is seeking up to $1,230,000 of limited partner equity to fund acquisition and pre-development activities through construction start. Investors will receive a 14% fixed Preferred Return based on an anticipated 12-15 month hold.

Market Highlights

The subject site is in an area of increasing demand in Northwest Denver. The City of Wheat Ridge rezoned the 1.5 mile stretch of West 38th Avenue between Sheridan Boulevard and Wadsworth Boulevard to mixed-use MU-N zoning in October 2012. With this new mixed-use zoning in place, the site is positioned to benefit from increasing infill redevelopment and adaptive re-use activity pushing westward from the Highlands and Berkeley neighborhoods. The site is located within walking distance of neighborhood grocery stores, parks, and restaurants, and is less than one mile from the recently transformed Tennyson Street corridor, which boasts some of the city’s best new restaurants, bars, and cafes.

StoryBuilt intends to build homes ranging between 1,400 and 2,000 SF and priced between $525,000 and $700,000, bringing modern, thoughtfully designed housing at attainable price points to this walkable neighborhood close to Downtown Denver. At the end of pre-development, StoryBuilt will buy the land from the partnership, finance the overall project, and start construction. Upon exit, investors will have the option to either sell their stake or roll over into another land investment opportunity at market terms.

OFFERING SIZE
$1,230,000

MINIMUM INVESTMENT
$100,000

SUITABILITY STANDARDS
Accredited Investors

TERMS
14% Fixed Preferred Return Annualized
9-12 Months

TYPE OF INVESTMENT
Acquisition and Pre-Development

Closed

ENTITLEMENT + PERMIT UPDATES

Updated: 30 July 2021 | 3:00pm CST

  • We have completed Schematic Design for the initial 26 units project, and received Site Development Plan approval from City of Wheat Ridge Planning Department in July 2021.
  • We anticipate receiving approval of the Subdivision Plat for Phase I from the Planning Commission and City Council by ‘Q4 2021.
  • StoryBuilt has secured control of an adjacent land parcel to the west, located at 5855 W 38th Ave, which supports development of an additional 28 townhomes.
  • The combined, larger project will include 54 townhomes and a small mixed-use commercial component.
  • In order to coordinate development of the now larger assemblage, current efforts focused on design and Site Development Plan approval of the additional parcel.
  • Once Planning has issued approvals of the SDP’s for both parcels, we will move forward with Design Development of the combined projects as one.
  • Construction and sales teams are beginning to evaluate construction sequence and sales strategies for the overall project. Target date for breaking ground is late ‘Q1 / early ‘Q2 2022.