Candelas, a master-planned community in Arvada, is getting a new kind of housing option.

RangeWater Real Estate will soon start building a 324-unit apartment project to Candelas, representing the community’s only large multifamily development. In addition to the multifamily building, RangeWater plans to construct 56 townhomes on a 16-acre plot off West 91st Drive.

The project has been in the works for nearly five years and is finally taking shape, according to Jordan Orr, managing director for development at RangeWater.

“The city of Arvada has grown exponentially over the last decade or two and had to work through some infrastructure upgrades, addressing water and sewer upgrades through their municipal system,” Orr said. “We were a little bit on pause waiting for that to happen before we could get really started in earnest.”

With those upgrades in place, RangeWater is ready to break ground in September. According to public records filed in Jefferson County, RangeWater officially purchased the land for the project Aug. 13 for $8.25 million.

Georgia-based RangeWater is a fully integrated real estate firm that develops and manages properties.

The Candela’s development will be RangeWater’s fourth project in Colorado, bringing the total units it has developed in the state to over 1,100 once complete. The other three projects are Lupine Longmont, The Armory in Boulder and Ironworks on Fox, in Denver.

Public records from the Candela’s project show RangeWater has entered a contract with JHP Architecture/Urban Design PC and a construction agreement with CSI Construction Co. The LLC RangeWater used to purchase the land also took on a construction mortgage from PNC Bank of nearly $84 million.

Orr says a name for the development is likely to come in the next three to six months. After breaking ground in September, RangeWater plans to deliver the first units in spring 2027, Orr said.

RangeWater views metro Denver as a place with good fundamentals and lifestyle appeal despite population and job growth slowing over the last decade, Orr said.

“This is a place where people want to live,” he said. “We have a lot of high-income jobs. Development has become a lot more difficult, but there’s still opportunity here.”

RangeWater is partnering with TMGRI, a subsidiary of The Meridian Group. The Meridian Group is a Dallas-based company focused on development and investment in the Southeast, Texas, Arizona, and Colorado.

According to Orr, RangeWater wanted to invest in a multifamily project in Candelas because northwest Arvada lacks a multifamily housing supply.

The Apartment Association of Metro Denver found Jefferson County, where Candelas is located, has one of the lowest vacancy rates in metro Denver at 5.2% compared to the overall metro rate of 6.4%.

“We’re excited about the opportunity to build a multifamily product in a location that doesn’t have multifamily product today,” Orr said.

Candelas first started selling homes in 2012. According to the community website, only townhomes are left for sale. Earlier this year the Candelas Innovation Park secured an aerospace tenant as part of the community’s commercial offerings.

Orr says the community has been built very thoughtfully and RangeWater sees the location as a perk due to the access to Denver, Boulder and Broomfield as well as its mountain views.

The apartments in the new development will be one- and two-bedroom units ranging from 688 to 1,1196 square feet while townhomes will have two- and three- bedroom options from 1,246 to 1,823 square feet. According to RangeWater, features will include open floor plans, nine-foot ceilings and large balconies. The townhomes will have back patios and garages.

The development will also include a fitness club, pool and spa, dog park, community garden and a clubhouse with a co-working space and private offices inside.

Correction:

An earlier version of this story incorrectly spelled JHP Architecture.