By Jill Jamieson-Nichols

A Florida developer is moving into the Denver market and plans to stick around. 

ContraVest In., an Orlando-area multifamily developer, builder and management company, is set to begin construction of the $31 million Courtney Downs Apartments southeast of the Denver Tech Center.  It hopes to have a second development under way within 12 month. 

“We find the West to be very promising for all aspects of our business,” said owner’s representative Steve Ogier.  “We want to establish ourselves as a developer, a general contractor and a management company for multifamily.”

Focused primarily on Florida and the Southeast, ContraVest has developed more than 15,730 apartment units in the last 15 years.  It was attracted to Denver by its population growth and a decade of high occupancies and growing rents. 

Courtney Downs, a 342-unit community, will be built on 17 acres at the northwest corner of East Dry Creek Road and Jamison Drive (between Cherry Creek and Jordan Road) in Denver.  Via a limited liability company called Courtney Downs Apartments LLC, ContraVest recently purchased the land from Peak Development Group LLC for $3.42 million. 

“Being very close to the Denver Tech Center was definitely an attractive feature for us,” Ogier commented. 

Fuller and Co. brokers Patrick Henry and Stew Mosko handled the land transaction. 

Designed by Maitland, Fla.-based Charlan Brock & Associates, Courtney Downs will be made up of 20 buildings, primarily three stories.  There also will be two-story carriage houses featuring attached garages.  Stone and Hardiboard will be used on the exterior. 

Units will include washers and dryers, 9-foot ceilings, crown molding and tile entries.  Fireplaces also will be offered. 

A 5,074-square-foot clubhouse will encompass business and fitness centers, along with a large deck and outdoor pool. 

The community will consist of 146 one-bedroom apartments, 168 two-bedrooms and 28 three-bedroom units.  One-bedrooms will range from 704 to 910 sf, with rents from $830 to $935.  Two-bedroom, two-bath units will range from 977 to 1,030 sf and $11,130 to $1,150 per month.  Three-bedroom apartments will total 1,140 sf with month rent of $1,250. 

ContraVest, which currently has $150 million in projects under construction for its own account and third parties, typically serves as its own contractor.  For is first Denver project, it chose a contractor with local building experience, the Greystone Group. 

Courtney Downs’ first units are expected to be delivered next March, with completion of the apartments by early 2003. 

ContraVest, which develops in Florida, the Carolinas, Tennessee and Georgia, is under construction on another community in Phoenix. 

“The West is a new territory for us, and we’re excited about the West,” Ogier said.