Each apartment unit includes a balcony, deck, patio or yard and secured off-street parking. Fire Clay is located at 32nd and Blake streets in the Upper Larimer neighborhood.

"Fire Clay is an ideal setting for people who want a real urban living experience," Powers says. "It's close to the bustle of LoDo, in the middle of a thriving neighborhood that's active during the day but quiet at night. And, because it's a bit off the beaten track, you can get more for your money than in LoDo."

Buyers in the first two phases of the project included artists, business people and police officers, she says. "They're close to downtown and the trails of the Central Platte Valley, in a close-knit neighborhood that's one of Denver's best kept secrets," she says.

This phase will bring a total of 113 units to the project. When completed, it will eventually have 150 units.

"So far, there have been no resales," Powers tells GlobeSt.com. She went on to explain, "People really like it here. Our homeowner association meetings are packed. And I think it is at a great price point. I'm glad I'm not building $700,000 units in this market. It's not what I do anyway, but I'm really glad I'm not in that high-end market, where I think there's still a lot of softness."