Granite Capital Group Closes Funding on $41.5 million Low Density, 169-Unit Rental Community at Vista Ridge in Erie, ColoradoOctober 28, 2016
Erie, CO—Granite Capital Group (GCG), a Santa Barbara, Calif. real estate investment firm, has closed initial funding and is in the midst of its development of Fairways at Vista Ridge, a $41.5 million, 14.5-acre, 169-unit single-family rental community in Erie, Colorado’s Vista Ridge Master Planned community.
Fairways will include 36, four-unit buildings containing 144 homes, each with direct access to one or two car garages. Fairways will also feature 25 single-family patio rental homes. The total rentable square feet is approximately 225,000.
The first of the fourplexes will become available for rent in the spring of 2017 with all units expected to be fully leased by the summer 2018. The apartments have one, two or three bedrooms and range from 677 square feet to 1,462 square feet. Monthly rent will average approximately $1,885.
The patio homes will have four floor plans with three bedrooms and three baths and will range between 1,700 and 2,700 square feet. Each home is on a separate lot and includes a direct access two-car garage, a great room and finished basement. The expected rent will average $2,550 per month.
Units in both developments will feature high-end finishes including nine-foot ceilings, quartz counters, stainless steel appliances and hardwood floors and cabinets.
Fairways at Vista Ridge is the only multifamily addition to the Vista Ridge planned golf community. Its close-in suburban location is approximately 15 miles east of Boulder, 17 miles north of downtown Denver and 28 minutes from the Denver International Airport. Fairways residents can take advantage of Vista Ridge’s amenities including a 7,300 square foot community center with a public golf course, an exercise facility, tennis courts, swimming area and hiking trails. New close-by retail and restaurant construction is in the works.
“Powerful economic and demographic forces are pushing the demand for quality family-friendly attached and detached single family rentals,” says Bruce Savett, GCG founder and principal. “Millennials are starting families but don’t have the down payment yet to purchase a home. Baby Boomers are choosing to rent after retirement because they no longer want homeownership headaches or they are being forced to rent out of financial necessity. With Fairways, we’re creating an attractive, contemporary living environment at an affordable rental price to appeal to these markets.”
GCG raised $11 million toward Fairways from high net worth accredited investors through GCG Fairways at Vista Ridge, LP. GCG has undertaken several projects in the Denver area including Hearthstone and Bella Terra in Aurora and The Edge, Rise and The VUE in Denver.
GCG is active in the region because of Denver’s strong employment and population growth. “Most investor-funded residential real estate projects have an end date—a time when the project will be sold and the proceeds distributed to investors. What’s unusual about Fairways is that we’re building it to hold, not sell,” says Savett. “We want to create long-term cash flow for our investors. We project better than 13 percent annual returns on investors’ capital. Other investment types such as stocks and bonds are either too volatile or are returning next to nothing. Fairways offers a quality, well priced, high yielding investment opportunity.”
Chartered Development Corporation heads Fairways’ development and construction. Woodley Architectural Group, with offices in Colorado and Southern California, is responsible for the architectural design and Enertia Consulting Group of Denver for the land planning and civil engineering.
For more information on Fairways and other similar projects, contact Bruce Savett at