Granite Capital Group &Chartered Development Corp to Break Ground on a 264-Unit Apt

BOULDER, Colo. - July 26, 2021 - PRLog -- .Granite Capital Group (GCG), a Santa Barbara, Calif. real estate investment firm with multiple Colorado real estate holdings, and Chartered Development Corporation (CDC), a leading residential real estate developer and builder along the Front Range, recently closed on the acquisition of 10.99 acres for the development of a 264-unit class "A" multifamily apartment community in Longmont, Colorado. GCG raised the investment capital and will manage the partnership; CDC is the project developer and will construct what will be called Nova West Apartments. Nova Investments, Inc. was the seller. The project begins sitework this August with a completion date set for Spring 2023.

Nova West Apartments will be located at the northwest corner of Nelson Road and Dry Creek Drive one block west of Hover.  The development will consist of five 4-story, 52-unit, elevator-served apartment buildings with rooftop decks, two dog parks, children's play area, pool and spa, BBQ grills, and spectacular Front Range views. The community will include 123 one-bedroom,121 two-bedroom, 20 three-bedroom apartment units with a mix of available carports and garages.

"The Longmont area is a great place to live and work and is growing in significance in Boulder County. With the supply of housing having not kept pace, Nova West fills an important niche in the area's housing needs providing attainably-priced, elevator-served luxury apartments." says Bruce Savett, GCG founder and principal.

Nova West boasts a 15-minute commute to Boulder with average rental rates at 25% less than comparable housing in Boulder. Targeted demographics are those who want to live close to employment and near abundant shopping, while enjoying the front-range outdoor lifestyle. "Nova West is designed to have an urban-type feel with rooftop decks and within walking distance to stores, restaurants, banks, and more," says Savett. "Those looking to downsize will also be attracted to Nova. They'll get the luxury of a professionally managed apartment community with everything they may need nearby."

GCG's Nova West Limited Partnership raised $20 million in capital for the project. The projected cost is estimated to be $73.3 million. The property is anticipated to reach stabilization in 2024. For more information, go to GCG at http://www.gcg-re.com

Enertia Consulting Group, LLC, is the project land planner and civil engineer.  Steve Lane of Sessions Architects is the project architect. Sam Stookey, Vice President of Commercial Lending at Westerra Credit Union, worked with CDC to provide construction financing for the development.