7013 W Colfax Ave - King's Rest Apartments

Invest in Lakewood’s primary corridor of growth for the Denver metro by acquiring this rare multifamily redevelopment site, 7013 W Colfax Avenue and 1597 Reed Street. The 1.1-acre property currently has a fourplex and an 18-unit apartment property, providing immediate income during the redevelopment process. Ownership is open to development partnerships and owner financing.

The site has a valuable position in one of Lakewood’s rare exclusion zones that were implemented a few years ago via the Lakewood Strategic Growth Initiative. These zones were made to guide development, leaving few sites open for construction. The zoning is open for commercial, retail, and multifamily use, permitting up to three stories, allowing for about 100 to 200 multifamily units, and an underground parking lot. Additionally, it is in an Enterprise Zone, providing possible financial incentives. Local officials have already expressed great interest in streamlining the redevelopment of this site to join the other exciting projects invigorating the area.

40 West Arts is a state-certified creative arts district along historic West Colfax Avenue managed by a community-driven non-profit. It has a litany of programs that bring artists to liven up the streetscape with vibrant murals, establish art galleries, host community events, foster a business-friendly corridor, and more. 7013 W Colfax Avenue and 1597 Reed Street are already surrounded by some of the district's top destinations. Casa Bonita, the Rocky Mountain College of Art & Design, WestFax Brewing Company, Benchmark Theater, Next Gallery, and plenty of restaurants and retailers within walking distance. Developers are clamoring to meet demand and navigate the tight exclusion zones of Lakewood as there is more than a quarter-million square feet of multifamily space underway within a 2-mile radius as of Q2 2024. Overall, the Denver metropolitan area saw its population grow the most in 2023 since the pandemic, causing apartment demand to heat up as the number of occupied units increased by 10% year over year. Historically, the Lakewood/West Corridor submarket, in which this property lies, has a higher occupancy rate than the greater metro and has shown continued demand even in the face of rising supply. Take advantage of this exclusive opportunity and help define this flourishing area by acquiring 7013 W Colfax Avenue and 1597 Reed Street today.