LC Real Estate Group is pleased to present the opportunity to purchase +/- 62.37 acres, planned for 193 single family residential units as a build for rent new home community, known as Ridge Lands. The community is located 0.5 miles from Downtown Dacono directly on CO Highway 52. The project offers the following attributes:
- Preliminary Development Plat (PDP) approval in place from the City of Dacono for 193 single-family lots.
- Northeast Metropolitan Denver is a growing build for rent market with new communities in Brighton, Commerce City, Thornton, and Aurora
- Excellent location with high visibility marketing and leasing window on Highway 52, the primary entrance to Dacono and Frederick, approximately 1.8 miles east of Interstate 25
- Limited apartments and no build for rent projects in the immediate trade area creates an opportunity to establish a new home rental community in the market
- Build for rent occupancy of 92% to 95% and strong average rents of $1.25/SF to $2.50/SF for established build for rent communities in Metropolitan Denver
- Ridge Lands is eligible for the City of Dacono’s cash-in-lieu program to purchase 100% of raw water for the entire project.
- Reduced raw water requirement to 0.6 Acre Feet (AF) on 100% of lots.
- Optional/Inactive Metropolitan District in place, and will be transferred to the Buyer at time of sale. The District shows bonding capacity of
$3,500,000 – $4,000,000 ($18,135/lot – $20,725/lot) according to a bond capacity study completed in 2021.
- All utilities stubbed to property, and have available capacity for the entire project.
- Extremely favorable development agreement in place giving the buyer flexibility on building materials, and minimizing off-site development costs to nil.
- Ridge Lands abuts farmland to the south and west providing open and sweeping views of the Colorado mountains. Builders will be able to increase absorption and capture lot premiums attributable to these uninterrupted views.
- Low land development costs due to efficient layout with all lots 6,000 SF or less.