Sentral and OliverBuchananGroup Build Denver Flex-Living Project – Multifamily Real Estate News
Sentral and OliverBuchananGroup are commencing their exclusive partnership with plans to build a flexible living community in Denver’s River North District. The partnership is planning to start construction on Sentral RiNo sometime in 2023.
The developers are building on the former Denver Rock Drill site, converting it into a flexible living community with more than 300 apartments that are either designer furnished or unfurnished. Sentral will also be offering flexible lengths of stay for the units, including anywhere from year-long leases to short-term stays under 30 days. The residential portion will account for the project’s first phase, but retail, office and event space is expected to be developed shortly after.
Sentral RiNo is located between Denver’s RiNo Art District and the historic Cole neighborhood. The project’s proximity to downtown Denver gives residents access to a host of nightlife, retail, restaurant and brewery options nearby.
Finding cities for flexible living
Sentral RiNo will be the first project for the partnership between Sentral and OliverBuchananGroup that was formed in August. The joint venture’s goal is to develop multifamily communities and mixed-use projects in high-growth U.S. markets. So far, Sentral and OliverBuchananGroup have identified San Diego, Phoenix, Dallas, Austin and Nashville as key markets in growing cities. As part of the partnership, Sentral will be tasked with being the exclusive property management company for any residential property that comes out of this partnership.
Sentral RiNo is the firm’s second flexible living community in Denver; the company is currently managing the nearby Sentral Union Station, which also offers furnished or unfurnished units that are available in studio, one- and two-bed floorplans.
Currently, Sentral operates more than 3,600 units with another 800 in development. The portfolio includes 13 communities located in nine different cities, including Atlanta, Austin, Chicago, Denver, Los Angeles, Miami, Nashville, Scottsdale, and Seattle. Sentral is also currently working on opening a flexible living community in Hollywood.
