Kelly Doran announces sale of 215-unit market rate suburban Denver multifamily project for $95 million

Lyra Apartments in Centennial officially opened in April more than
50 percent pre-leased

Bloomington, MN – The Doran Group, the new name for Kelly Doran’s real estate company, announced today that Doran-CSM, Centennial, LLC – an affiliated entity – has sold Lyra Apartments to a publicly held real estate investment trust for $95 million. The 215-unit apartment community at 9641 East Geddes Avenue in suburban Denver opened on April 1, 2022, and was developed, leased, and managed by The Doran Group.

The Lyra apartment community saw above-market leasing activity, opening 50 percent pre-leased in April and reaching the 95 percent stabilization threshold within a few months.

“This project enjoyed tremendous activity out of the gate,” said Kelly Doran, founder of The Doran Group. “We came in on budget from a design-build and management perspective and surpassed our already high leasing and rent projections for the community with a strong onsite team, desirable community and in-home amenities, expert branding and marketing and competitive rents.”

Located in South Denver’s tech-savvy suburban Centennial near the Denver Tech Center, Lyra Apartments is Kelly Doran’s first development in the Denver Metropolitan area. Doran explained that the sale will allow his team to turn their attention toward their next development in suburban Denver, soon to start in nearby Lakewood, Colorado.

“Although Lyra is our first project in suburban Denver, it will not be our last,” said Evan Doran, Executive Vice President of Development for The Doran Group. “We learned a great deal about the various submarkets in and around Denver and are eager to break ground on a 194-unit community in Lakewood.”

The Doran Group has received approvals to move forward with a high-end 194-unit luxury community at 451 South Teller Street in Lakewood, Colorado with a unit mix that includes direct-entry two- and three-bedroom townhomes as well as studios, alcoves, one- and -two-bedroom apartments. Similar to the highly design quality and luxury communities The Doran Group brand is known for, this apartment community will be situated within the vibrant and well connected Belmar area of Lakewood and will offer the full-package of amenities, including onsite maintenance, housekeeping and concierge, a second story central pool terrace, entertainment suites with chef-quality kitchens, club and game rooms with a sports simulator, underground heated parking and a 24 hour package and dry-cleaning delivery system.  Renderings are available on TheDoranGroupUS.com website.

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About The Doran Group (formerly Doran Properties Group)

Among the most prolific developers in the Twin Cities, The Doran Group is led by Kelly Doran and Evan Doran, who together have more than 35 years of combined experience in commercial real estate. They are widely recognized for developing some of the most exclusive, high-end luxury apartment and townhome communities across the Twin Cities, as well as retail shopping centers and high-end student housing. A fully integrated real estate development company, The Doran Group includes more than 185 high-caliber employees including teams of developers, architects, general contractors, property management professionals, finance, legal and marketing experts and more. We operate with a clear commitment to the communities within which we invest and an insatiable desire to deliver the best-in-class luxury developments and services to our residents and tenants. Visit TheDoranGroupUS.com for more information.