Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DENVER-Tom Collins’ first townhouse development in the metro area also appears to be the most affordable. Denver-based Collins is building a 72-unit, 18-building townhouse complex in the Balboa subdivision in Adams County, where prices for a two-bedroom cost $115,500. Three-bedroom units are going for $127,900. “Nobody is building this cheap,” Collins tells GlobeSt.com.

That is not an idle boast, says Mike Rinner of the Genesis Group, a Denver company that tracks the local housing market. “No question it is the most affordable new project in that northeast corridor and most likely in the whole metropolitan area,” says Rinner. “He should do quite well with it.” The $8.5 million subdivision is at Coronado Parkway and York Street, which is near 84th Avenue and Washington Street.<p< The two-bedroom units total 900 sf and three-bedroom units, 1,200 sf. Ron Elston, the project's listing agent with Keller Williams, says it likely is the most affordable new townhouse project in the Denver area. He says a new development by Kaufman & Broad near the development is the closest competitor, with units priced around $136,000. "In this price range, the $10,000 price difference makes a huge difference with buyers," he says.

At the August’s end, the average price of a condominium/townhouse came in at $144,528.Collins says the problem in keeping the price down is that land is so expensive, but he says he was able to make a good deal on the six acres he and his two partners purchased. “This is an infill site and we got the ground cheap,” he says. The subdivision was started in the 1970s, but the builder ran into financial problems during the dark days of overbuilding and falling oil prices of the mid-1980s.

“He’s sort of finishing the development,” Elston says. “I imagine it will all be sold out in another year. I’m getting about a dozen calls a day from realtors and about a half dozen calls from consumers. There’s obviously a big demand for this kind of product.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.