The RiNo Triangle sat vacant for years, entitled for office and hotel that nobody was going to build. In April 2026 it finally broke ground, as a 13-storey apartment building instead. AVE Station House at 4001 Walnut Street brings 301 units to Denver’s River North Arts District, backed by $125 million in construction debt closed in a market where multifamily starts had fallen hard.
Project Scope
The building holds 271 market-rate and 30 income-restricted units, satisfying Denver’s Expanding Housing Affordability requirement on site rather than through a fee in lieu. Ground-floor retail runs 6,200 square feet, with roughly 290 secured parking spaces and more than 18,000 square feet of indoor and outdoor amenity space. Delivery is set for 2028.
The joint venture pairs RXR, Halpern Real Estate Investments, Korman Communities and Invent Development Partners. OZ Architecture designed it, Vida Design handled interiors, and Brinkmann Constructors is the general contractor. Financing came as a $100 million senior loan from Madison Realty Capital plus $25 million in mezzanine debt from an insurance-company lender.
Why It Matters
The pivot from office and hotel to residential on an already-entitled site is the story most of the Denver development community will read first. It is what a re-underwritten pipeline looks like: the land basis was set for a commercial program that no longer pencils, and the only way to build anything was to change the product.
Closing $125 million of construction debt in mid-2026 is the other signal. Denver multifamily starts have been thin, and lenders have been selective about sponsor, basis and submarket. This one cleared on a transit-adjacent site near the RTD 38th and Blake station with a national sponsor and a furnished-stay operator in the capital stack. It also brings Korman’s AVE flexible-stay platform to Denver for the first time, which changes the unit mix and the fit-out scope compared with a conventional apartment building.
Project Team & Details
| Developer | RXR, Halpern Real Estate Investments, Korman Communities and Invent Development Partners |
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| Architect | OZ Architecture |
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| Consultants | Vida Design (Interior Design) |
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| General Contractor | Brinkmann Constructors |
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| Status | Under Construction |
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| Funding Source | Private |
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