394 Apartments Open In Low-Vacancy Westminster

August 25, 2014 Posted In

Written By: Molly Armbrister

Arbour Commons, a Westminster apartment complex, is now open, adding 394 units to the area surrounding The Orchard Town Center, a mixed-use development.
The apartments were developed by Loveland-based McWhinney and are located at 663 W. 148th Ave. in Westminster, north of McWhinney’s existing Arbour Square development.
The addition of 394 units in Westminster could help ease the shortage of apartments in the area. Westminster has the second-lowest vacancy rate in Adams County, according to the Q2 vacancy and rent survey by the Apartment Association of Metro Denver (AAMD).
Only Aurora, home to employment hub Fitzsimons Life Science District, has a lower 12-month average for vacancy rates in the county, at 2.8 percent.
Westminster’s 12-month average vacancy rate is 4.7 percent as of second-quarter, according AAMD’s study, resulting in an average rent of $945 per month.
Last week, Zillow released a study calling rents in the metro Denver area “very unaffordable” and showing that the high price of rent is preventing first-time homebuyers from saving up for a down payment on a home.