ENGLEWOOD, Colo., March 14, 2023 /PRNewswire/ — Earlier last week, Parsonex Capital Partners (“Parsonex”) announced it has broken ground on its third Qualified Opportunity Zone (“QOZ”), a development project located in Grand Junction, Colorado.
The project, known as Canyonview Villas, is being co-developed by Senergy Builders and will be located across from the Community Hospital in Grand Junction, Colorado. Senergy Builders is a Grand Junction and Western Slope-focused, Energy Smart Builder. Canyonview Villas , which was “shovel ready” in Q1 of 2023, is a new development project consisting of 17 Single Family units all of which will be ENERGY STAR® rated. These units will be part of a Master Plan Community, consisting of townhouses, retail stores, senior living facilities and medical offices. This Community will be developed in 4 phases: Project Phases I, II & III are expected to begin development in Q1 2023, while Phase IV is expected in Q4 2023. Phases I, II & III will be for 47 Villas and 92 Townhouses. Phase IV will be for the remaining 14 Villas and 28 Townhouses.
The future location of Canyonview Villas will be less than two miles from the first completed Parsonex QOZ development project, Sundance Townhomes, and one mile from the second project, Brookwillow Estates, which were both co-developed by Senergy Builders. Canyonview Villas will provide housing rentals to help fill the market’s current inventory gap. Due to a growing population and diverse economic base, Grand Junction is currently experiencing a housing shortage, particularly in the two to three bedroom markets. This gap was recently highlighted in the Year End Bray Report[1] published by Bray Real Estate which indicated, only 173 homes were sold in Dec 2022. Grand Junction has a low supply of housing, both to buy and rent. Grand Junction’s inventory shortage, combined with a high demand for rentals due to recent interest rate increases, makes the city an attractive location for both home builders and new rental units.
Parsonex CEO and president, Jonathan Miller, stated that, “Grand Junction is absolutely an up and coming city. Due to its growing regional economic center (the largest Metropolitan Statistical Area within 240 mile radius), access to natural resources and beautiful surrounding terrain in a prime location, there is a strong demand for two to three-bedroom rentals.”
Overall living expenses in Grand Junction are 33% lower than in Denver. With a Denver median home cost that is approximately 68% more than the median home cost in Grand Junction in 2022. Housing is the primary driver of the cost-of-living difference between the two cities. However, expenses across the board are significantly higher for those living in Denver, based on an 2023 cost of living projection by BestPlaces[2].
The Grand Junction market continues to be strong. Due to its recent hospital expansions and economic growth, the city has attractive investment opportunities” said Fred Adams, chief investment officer of Parsonex. “Its active lifestyle, nearby agriculture and outdoor recreation such as mountain biking, white water rafting and skiing, attract a wide range of people to the area.” In 2021, The Wall Street Journal and Realtor.com included Grand Junction as #39 on its Emerging Housing Markets Index[3], a ranking of housing markets expected to provide both a strong return on investment and a nice place to live.
According to Miller, “Parsonex is eager to continue our cherished partnership with Senergy Builders and the City of Grand Junction. Our number one goal is to make a positive social impact through responsible QOZ development.”
About Parsonex Capital Partners
Parsonex Capital Partners, headquartered in Englewood, Colorado, is a private fund sponsor, with a focus on real estate development, qualified opportunity zones and special situations. The firm’s leadership believes that, when done correctly, QOZs provide a compelling opportunity to directly improve the economic condition of underserved communities while also offering tax benefits to investors. Parsonex strives to unlock the tax-savings benefits of opportunity zones while identifying communities in which the firm can have a lasting positive impact.
CONTACT:
SARAH PUTNIK
PARSONEX CAPITAL PARTNERS
303-662-8700 Ext. 100
WWW.PXCAPGROUP.COM
[1] https://www.brayandco.com/area-information.php
[2] https://www.bestplaces.net/cost-of-living/grand-junction-co/denver-co/50000
[3] https://www.wsj.com/articles/see-the-full-rankings-for-wsj-realtor-coms-emerging-housingmarkets-index-11626756019?mod=article_relatedinline
SOURCE Parsonex Capital Partners, LLC
