Golden Triangle apartment complex raises bar for incentives to attract tenants

With so many new apartments hitting the market in recent years, landlords across metro Denver are in an incentives arms race to attract new tenants. A month or two of free rent is almost a given, with more buildings offering three to four months. Fees are being discounted or eliminated, and gift cards for new tenants moving in are a common perk.

But the akin Golden Triangle, a newer 98-unit luxury apartment development at 955 Bannock St. in Denver, has pushed concessions to another level. In a sweepstakes, it recently awarded one tenant a $50,000 cash grand prize and the runner-up a year of free rent.

“We wanted to try something new. What we found, more than we thought we would, is that the sweepstakes brought the residents in these buildings together as a community. Management and staff got to know them,” said Rhys Duggan, president and CEO of Revesco Properties, which developed the building in partnership with Alpine Investments.

Duggan said the Revesco team initially considered providing a $100,000 grand prize, but talked themselves down. The sweepstakes, which started in late October, attracted 364 entries. Compared to heading up to Black Hawk or buying a lotto ticket, the odds of winning were much higher, with no money out of pocket required to enter.

Resident Claire Scobee, winner of the $50,000 grand prize, said she planned to save most of the money — after splurging on a shopping spree with her niece, according to a news release by Revesco.

“Winning was a complete surprise and feels like a once-in-a-lifetime blessing,” Scobee said. “I’m most excited to treat my family, especially my niece, and spend a fun day together making memories.”

The second prize winner, Lisa Cordova, said winning a year’s worth of free rent would allow her to focus on a project she has long wanted to do but couldn’t while working full-time.

“It gives me the momentum to finally follow through on a creative endeavor I’ve been wanting to do for a long time,” Cordova said.

Duggan said the Golden Triangle and River North submarkets have seen a lot of supply come online in a short amount of time, which has made it hard to fill up new apartment buildings.

Revesco Properties and Alpine Investments opened the doors on the akin Tennyson at 4560 N. Tennyson a few months before the akin Golden Triangle in early 2025. The akin Tennyson is nearly 90% full, while the akin Golden Triangle building is closer to 60% full, a reflection of how many new units went up in that neighborhood.

The Apartment Association of Metro Denver, which holds a quarterly media briefing to share the latest statistics, reports that concessions in the fourth quarter averaged 9.5% of total rent, which works out to four to five weeks of free rent. For new developments, free rent offers can average closer to three months.

“This is a great opportunity for a new renter to jump in. It is a renter favorable situation,” Mark Williams, executive vice president of the AAMD, said in January.

Rental concessions are the highest they have been in 19 years of the AAMD survey, but they aren’t expected to stay that way for long as developers pull back and the pipeline of new projects rapidly shrinks.

Revesco has the akin Bonnie Brae under construction at 740 S. University Blvd. on the former site of the Bonnie Brae Tavern near Washington Park. The 46-unit boutique apartment is set to open early next year with up to 9,000 square feet of ground-floor retail. But the company has become much more selective about what it will build in Denver going forward.

Duggan said he can see evidence of the multifamily construction slowdown from Revesco’s office in the LoHi neighborhood. When the apartment boom was at its peak, he could count 16 cranes from his office. Now he can only count two that are active.

“That tells you what is going on right now in the Denver market,” he said.

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