Out of state investment climbs to uncharted territory in Denver’s apartment market led by (you guessed it) — California. While apartment cap rates are historically low in Denver (aka ratios of cash flow to invested capital), it doesn’t seem to deter West Coast buyers as Colorado prices still look relatively affordable in comparison. Add that in with Denver’s favorable economic and demographic trends and largest light rail expansion project in the country, and you have a picture perfect scene of financial vitality. With that in mind, we are seeing apartment growth almost exclusively in the luxury division, with very little being built with less than 5 star standards (or dollar signs for that matter) . Living the dream Denver, living the Dream.