Photo: Jeffrey Beall
While Monfort Companies has been busy with work in Denver’s Ballpark District, it is also investing outside the Mile High City’s core with a new 27-acre mixed-use property in Greeley.
The Denver-based company is developing Boomerang Ranch at the southeast corner of 10th Street and 83rd Avenue. The project will be anchored by a 177-home build-to-rent community and will include five acres of retail development, including a Starbucks and Quiktrip
Kenneth Monfort, executive vice president for Monfort Companies, said that the project will be a $60 million investment. The project is through a joint venture partnership with Wichita, Kansas-based ICT Capital.
Boomerang Ranch will be the first build-to-rent in the Greeley area, developers say. Build-to-rent homes — single-family homes constructed with the intention to rent them out — are a growing trend in the Denver area and across the U.S. Nearly 14,000 new purpose-built rental units are expected to open in 2022, surpassing last year’s record-breaking delivery of 6,740 new build-to-rent homes.
Denver is one of the top metros for single-family rentals, with 1,310 units, according to a recent study by RentCafe.
ICT Capital is an investment and development group headquartered in Wichita, Kansas.