Multifamily Giant Plans Latest Denver Development Despite Softening Market

Even though a record burst of new apartment developments has heightened competition among landlords in the Denver area, multifamily giant Embrey Partners isn’t backing down as it pieces together plans for its next project.

The San Antonio firm, which has six other developments underway across the Centennial State, acquired a trio of sites it plans to stitch together for a future 395-unit project in Englewood, Colorado, Embrey confirmed. The purchase comes as many property managers and owners scramble to compete for tenants in a market that, for the past several years, has faced one of the strongest construction pipelines in the country.

The nearly $20 million deal for the properties at 1314 W. Oxford Ave., 1315 W. Quincy Ave. and 1325 W. Quincy Ave. totals about 9 acres, according to CoStar data, and will eventually mark the developer’s 17th Colorado project.

The initial phase of units, as well as the complex’s clubhouse, are expected to finish construction sometime in the second half of 2026, the developer said. The rest of the project will likely be completed the following year.

Cresset Partners, a private investment firm, is helping to finance the project. The financial details of the agreement were not disclosed.

While tenant demand has returned after a brief dip last year, the influx of multifamily developments in and around Denver has pushed the region’s vacancy rate from about 5.5% in mid-2021 up to about 9%, according to CoStar data. That could jump even higher with the more than 23,000 units moving through the construction pipeline, adding to the more than 14,000 units completed over the past year.

Embrey has long been an active player in the Denver development scene, adding to its portfolio projects such as the Encore at Boulevard One; the Luxe at Mile High; the Hensley at the District in Centennial, Colorado; and the Belaire in Lakewood, Colorado.