Mill Creek and Rockwood Capital Announce Groundbreaking of Modera LoHi Apartments

Development Community to Add 132 Homes to Denver's Vibrant Lower Highlands Neighborhood

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Jan 16, 2019, 10:30 ET

DENVER, Jan. 16, 2019 /PRNewswire/ -- Mill Creek Residential, a leading multifamily investor and operator specializing in premier apartment communities across the U.S., today announced the groundbreaking of Modera LoHi, a luxury apartment community located in the popular Lower Highlands neighborhood.

The community, which will feature 132 apartment homes with a modern, but timeless aesthetic, will sit adjacent to Downtown Denver and feature prime access to the city's key employment and nightlife districts. It will include three distinct outdoor spaces and boast panoramic views of the city skyline and Rocky Mountains. First move-ins are anticipated for summer 2020.

"Denver's booming employment market continues to make the city a hotbed for apartment demand, and we're thrilled to join one of the area's most vibrant and walkable neighborhoods," said Chris Schramm, vice president of development for the Colorado region for Mill Creek Residential. "It's our goal to offer a best-in-class living experience in the area, and we believe Modera LoHi's location and extensive collection of amenities will surpass expectations in the market."

Located at 2555 16^th Street, the community is surrounded by a multitude of restaurants, bars and local shops in a charismatic neighborhood that features a blend of charming historic and modern architecture. Residents will have prime pedestrian access to the heart of Downtown Denver, including the redeveloped Denver Union Station, via the Highland Bridge. The Walk Score in the area has increased to 94, which is considered a "walker's paradise" and means most daily errands do not require a vehicle.

The site is commuter-friendly, located just west of Interstate 25 and within minutes of Interstate 70, the area's primary east-west thoroughfare that provides direct access to the Rocky Mountains. Easy access to the Cherry Creek and Platte River bike paths will enable residents to connect to various key locales across the metro area. Sports venues Pepsi Center, Coors Field and Mile High Stadium are also easily accessible from the neighborhood.

Modera LoHi will consist of studio, one-, and two-bedroom homes, including double-height units with mezzanines and 16-foot living rooms available on the fifth floor. Outdoor community amenities will include a private landscaped courtyard just above street level, resort-style swimming pool and hot tub, rooftop deck with lush landscaping, fire pits, flat screen TV, city and mountain views and an outdoor kitchen with grilling stations.

Indoor amenities will include a club-quality fitness center with Fitness on Demand, conference room with phone booth-style individual work spaces, Wi-Fi lounge with coffee bar, pet spa and a controlled-access bike room with fully equipped workshop. Residents will also have access to digital package lockers, additional storage and electric-vehicle charging stations.

Apartment interiors will feature nine- and 10-foot ceilings, oversized windows with upgraded acoustics, eight-foot stained wood entry doors with keyless locks, Nest thermostats, luxury vinyl-tile flooring, upgraded Energy Star appliance packages, custom 42-inch cabinetry with soft-close doors and under-cabinet lighting, quartz countertops with porcelain tile backsplashes, roller window shades, porcelain tile bathroom floors and front-loading washers and dryers. Many homes will be equipped with built-in mudrooms, private patios or balconies, moveable kitchen islands, showers with built-in quartz benches and floating bathroom vanities, some with dual sinks.

Modera LoHi is being developed in parternship with an affiliate of Rockwood Capital and is Mill Creek's eighth development community in the Denver area. Others include Modera Observatory Park and Modera River North, which had its grand opening in the summer. Modera Cap Hill and Modera West Wash Park are currently under construction.

About Mill Creek Residential
Mill Creek Residential Trust LLC is a national multifamily company focused on the development, acquisition and operation of apartment communities in targeted markets nationwide. The company proactively pursues development, acquisition and construction opportunities through its seasoned team of real estate professionals in 14 offices across the United States. Mill Creek is building its portfolio in many of the nation's most desirable apartment markets in Seattle, Portland, the San Francisco Bay area, Southern California, Denver, Dallas, Austin, Houston, South Florida, Tampa, Orlando, Atlanta, Washington, D.C., New Jersey, New York, and Boston. As of September 30, 2018, the company's portfolio comprises of 73 communities representing over 19,400 apartment homes that are operating and/or under construction. For more information, please visit www.MillCreekPlaces.com.

About Rockwood Capital
Rockwood Capital, LLC (Rockwood) is a real estate investment management firm founded in 1995 that provides equity capital combined with real estate operating expertise for the repositioning, recapitalization, development and redevelopment of residential, office, research and development, retail and hotel space in key markets throughout the United States. Rockwood and its principals have invested on behalf of their clients approximately $28.9 billion of real estate through commingled funds and separate accounts. Rockwood is a 76-person organization with offices in New York, NY, San Francisco, CA, and Los Angeles, CA that manages a portfolio of approximately $3.6 billion of net equity value in approximately $7.1 billion of gross real estate value as of 9/30/2018. Rockwood's investors include sovereign wealth funds, public and private pension funds, endowments, foundations, insurance companies, funds of funds, high net worth individuals and family offices.