Trailblazing: The Station, Littleton, CO
"Anything but Little"
Littleton, Colorado – a suburb of Denver – is consistently ranked one of the best places to live in the country. Its tagline of “Anything but Little” pays homage to the City’s big plans while acknowledging its small-town charm. In the summer of 2019, we were charmed by Littleton’s quaint atmosphere and excited with the big possibilities of The Station, a 97-unit apartment community 20 minutes from downtown Denver.
Like many cities on Colorado’s Front Range, Littleton can trace its roots to the gold rush of the 1860’s. Its 13 square miles is home to over 46,000 residents and the City embodies a strong sense of community through its historic downtown, turn-of-the-century buildings and the independently owned shops, galleries, eateries and bars. Families are drawn to the area’s top-ranked schools and outdoor enthusiasts enjoy the City’s 200 miles of trails and 1,400 acres of parks and open space.
Littleton is known for its high-quality of life and was ranked one of the “Best Small Cities in America” by Wallethub (2018), “Safest Cities in Colorado” by National Council for Home Safety (2018), “Best Places to Retire in Colorado” by SmartAsset.com (2019) and “Best Places in the State to Visit” by Dream Vacation Magazine (2021).
The Station apartments, built in 1983, is situated on a 1.9-acre parcel and includes a mix of studio, one- and two-bedroom apartments averaging 736 square feet. The property features covered and surface parking, 24-hour card-operated laundry facilities and an on-site leasing office. The property is located within Littleton’s historic downtown and is walkable to retail, entertainment, employment hubs and a light rail station offering access throughout the Denver metro area.
Included in our purchase of The Station was a one-story single-family home with a detached garage in the center of the property and an additional parcel currently being used for excess parking, located across the street. We quickly realized that the existing single-family home was a great opportunity to build additional apartments and create a clubhouse with common area amenities – attributes the property was currently lacking. Our plans for redeveloping the house include a new three-story building with a ground floor leasing office, gym, lounge area, shared office spaces and an outdoor barbeque, fire pit and seating area. The design also includes six additional apartments on the second and third stories. We anticipate starting construction later this year and completing the project in 12-15 months.
Our plan for the additional parcel, currently used for excess parking, is to sell the land and use the proceeds to offset the cost of the new clubhouse building. We also plan to improve The Station’s exterior facade by replacing the single-pane, aluminum windows with dual-pane, vinyl windows and enhancing the “curb appeal” with new siding. We plan to commence construction next month and anticipate completing the project later this year. Additionally, we are in the process of renovating the apartment interiors – all of which were in original condition – and have upgraded 33 apartments (34%) to date.
People move to Littleton to seek a higher quality of life and we are thrilled to deliver that to our residents at The Station. We plan to further elevate that lifestyle with the exciting changes we have in process – changes that we believe are “anything but little”.
Denver: Did you know?
Denver Housing Market Very Strong Despite Pandemic: Strong population and personal income growth along with low for-sale inventory continue to benefit the Metro Denver housing market. According to U.S. Census Bureau’s December 2020 data, Colorado grew by roughly 50,000 residents in 2019-2020 despite U.S. overall growth slowing to its lowest level in 120 years. The state added 760,000 people since 2010, the eighth highest in the country. During the pandemic, 1.34 people moved to Denver for every resident that moved-out, also #8 in the country.
The Bureau of Economic Analysis recently reported that the Denver metro saw the second highest jump in personal income among large cities between 2018-2019 at 4.0%. Experts predict a 5.4% increase in personal income in 2021.
The average price of a single-family home that closed in January 2021 rose 2.9% from December 2020 to a record $629,000 with annual price appreciation at a staggering 18.7%. Inventory of homes are at an all-time low with only 2,541 listings available today, a 26% decline from November 2020 and a nearly 50% drop from December 2019. The Denver housing market remains strong with record-high home prices, low inventory, increasing demand and a continuously strong economy.
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