Kairoi Residential, PGIM and Helaba Break Ground on 420-Unit Luxury Multifamily Project in Denver's LoHi
San Antonio-based Kairoi Residential, in partnership with PGIM Real Estate and Helaba Bank, has broken ground on a 420-unit Class A multifamily development in Denver's Lower Highlands neighborhood, the firms announced Aug. 3, 2026.
The project, situated at 2777 Zuni St. in the LoHi submarket, redevelops the former Residence Inn by Marriott Downtown Denver — an extended-stay hotel that operated for more than 40 years before closing in 2025. The roughly four-acre triangular parcel is bounded by North Speer Boulevard, Zuni Street and West 29th Avenue.
Project Details and Amenities
The mid-rise development will deliver studio, one-, two- and three-bedroom apartment homes across an estimated 450,000 square feet of residential space. Total development size is approximately 620,000 to 658,000 square feet, including a structured parking garage of roughly 170,000 square feet with approximately 531 to 535 vehicle spaces and 233 bicycle spaces. The building is planned at five to six stories, reaching approximately 70 feet.
Planned amenities include a sky pool deck with views of downtown Denver, dedicated men's and women's health and wellness spas, a 24-hour fitness center, work-from-home spaces, golf and ski simulators, multiple sky lounges and expansive outdoor social spaces.
"This project is the culmination of nearly a decade of dedicated pursuit and extensive planning with an exceptional team of design and construction professionals," said Tyler Sibley, Principal of Kairoi Development. "Our vision is to deliver one of the highest-quality multifamily communities in the country featuring thoughtfully crafted residences, a best-in-class amenity package and seamless connectivity to all that the LoHi neighborhood and Denver metro area has to offer."
Capital Stack and Financing
Kairoi Residential acquired the former Residence Inn site from Grand Prix Denver LLC, an entity tied to Highgate Hospitality, for approximately $39 million — roughly $231 per square foot of land — in late 2025. Total project cost and loan amount are undisclosed.
PGIM, the global asset management business of Prudential Financial (NYSE: PRU), is providing equity capital through its real estate investment platform. PGIM manages $1.4 trillion in assets under management as of March 31, 2026. Soultana Reigle, head of U.S. equity for PGIM's Real Estate investment group, said the development reflects the firm's conviction around high-quality rental housing in markets with durable demand.
"Denver's LoHi neighborhood combines walkability with access to employment, and our partnership with Kairoi and Helaba Bank allows us to deliver a differentiated residential community while investing with discipline and selectivity on behalf of our investors," Reigle said.
Helaba — formally Landesbank Hessen-Thüringen, one of Germany's largest commercial banks — is providing construction financing. Headquartered in Frankfurt and Erfurt, Helaba manages approximately €201.8 billion in total assets and employs around 6,000 people worldwide, with offices in London, Paris, New York and Shanghai, among other financial centers.
"This financing underlines Helaba's commitment to high quality residential real estate in strong urban markets and to projects that create modern rental housing and vibrant communities," the bank said in a statement. "In a market environment that remains challenging and selective, Helaba continues to focus on resilient assets and experienced partners with strong track records in development and asset management."
Site History and Entitlement
The 2777 Zuni Street site previously housed 21 buildings comprising the former Residence Inn, which was built in 1982. Kairoi first submitted concept plans for the site in May 2024, proposing a five-story, 465-unit complex. Subsequent planning rounds refined the program to the 420-unit configuration announced at groundbreaking, reflecting design adjustments made over the entitlement period.
Denver's multifamily construction pipeline has been thinning as the market works through a wave of deliveries from prior development cycles, contributing to stabilizing fundamentals in the metro area.
About the Partners
Kairoi Residential has been developing and owning multifamily properties since 2002 and has been involved in more than 57,000 units across the country. The firm has developed approximately $2.5 billion in new developments across San Antonio, Dallas, Chicago, Denver, Houston, Miami, Charlotte and Austin.
PGIM offers investment strategies across fixed income, equities, real estate and alternatives, with more than 1,500 investment professionals across 40 offices in 20 countries. Helaba serves as both a central clearing institution for regional savings banks and a development bank for the German states of Hesse and Thuringia, with a particular focus on corporate banking, real estate finance and public-sector lending.