Four seasoned real estate professionals are looking at the West Colfax neighborhood to develop their first ground-up multifamily project.
Denver-based Fish Capital Investments, founded by Christopher Ringenberg in 2020, has proposed a seven-story apartment building with 120 residential units along Sheridan Boulevard.
The site, which is a little more than half an acre, will also include 40 ground-level parking spaces as well.
Ringenberg said Fish Capital purchased 1350, 1360, 1370 and 1372 N. Sheridan Blvd. in two closings last fall. Two of the lots are empty, while two single-family homes are on the other two. The firm plans to spend between $31 million and $32 million on the project.
Ringenberg said he liked the site along Sheridan Boulevard for its proximity to Sloan’s Lake and Edgewater, as well as its nearness to public transit, including RTD’s Sheridan Station that’s a block and a half away.
“We’ve purposely squeezed down the parking to really promote more transit-oriented livability. So that location fit really well with what we’re trying to do with our projects and what our values are,” Ringenberg said.
While most of the 120 new units will be market-rate rent, approximately 10% — or 12 units — will be income-restricted according to Denver’s new affordable housing requirements.
Ringenberg formed Fish Capital Investments in 2020 and recruited three other team members, including managing director Grant Stevens. Ringenberg has a background working for Global Logistic Properties, a self-storage company and Prologis, Inc., which is where he met Stevens.
Fish Capital Investments helps potential investors lock into multifamily rental properties, and the company has four main principles: building aesthetics, the community surrounding the building, the well-being of tenants and sustainability.
“We want to do something that really is going to have an impact on either the environment of the neighborhood that we’re in, or the environment of the tenants that are living and breathing the air and feeling the light and the aesthetics of the project,” Stevens said.
Fish Capital hopes to receive permits from the city to build the apartment by the third or fourth quarter of this year and finish construction in 18 months. The firm has hired Denver-based Pivotal Architecture and Colarelli Construction to design and build the apartments.
While Fish Capital has made other acquisitions in the Denver metro area — including near the University of Colorado Anschutz Medical Campus — Fish Capital’s West Colfax apartment project will be its first ground-up development. Other areas of interest include Aurora, Platt Park, Aurora and near Empower Field at Mile High, and the targeted size for projects is between 100 and 200 units.
Ringenberg said Fish Capital’s goal would be to have three development projects underway per year, and in the future, hope to expand to other growing markets including Salt Lake City, Utah, Boise, Idaho, Reno, Nevada and Austin.
“You’ll see us at some point break into those other markets up and down the Rocky Mountain region,” he said.