What: Residences at 135 Adams, micro-condos in a former exclusively multi-family building
Where: 135 Adams Street, in Denver’s Cherry Creek neighborhood
Cost: Condos ranging from 400 to 900 square feet will cost between $450,000 and the high $800,000s
Management: City Lights Denver is the exclusive broker for the condos. Boutique Apartments manages the rental units.
The building:
The 135 Adams Street project built by GH Phipps first opened in 2020 as Studio 135, offering boutique apartments starting at under 300 square feet for those who wanted to live in Cherry Creek but might not be able to afford the high price tag of luxury complexes in the area.
“This was initially the first micro-product to hit Cherry Creek North,” says Terence Garrett, who now works for City Lights Denver but was with Boutique when the building opened.
Over the last five years, Garrett says, the team realized the same opportunity that existed for renters interested in micro-properties could exist for buyers, too. So the second and third floors of the property will still be rentals, but the fourth and fifth floors have been converted to condos so that people can purchase individual units.
According to Garrett, the City Lights team discovered Cherry Creek is slated to gain 1,600 to 2,000 new luxury rental units in the coming years. With rents in luxury buildings often well over $2,600 per month, the company figured that some people would rather buy — and be able to afford it.
Homes in Cherry Creek had a median sale price of $1.5 million in June, according to Redfin. That plays into City Lights’ theory that those who love the area might jump at a chance to own a place for less than $1 million, even if it is a relatively small space.
“If someone wants to own rather than rent, we think that would be a beautiful transition,” Garrett says.
By his calculation, the small condos will come in at around $1,000 per square foot compared to the usual Cherry Creek range of $1,300 to $2,000 per square foot. The units run from 412 square feet, which will list for around $450,000, up to 900, which could sell for closer to $1 million.
He says the building has often rented to people who wanted second homes in the city and had their primary homes in the mountains, so that type of buyer is a possibility for the Residences, too.
Those who value walkability, “true urbanites” and people who want a great location without spending big bucks are other possible buyers, Garrett says. For the City Lights team, the idea is to offer an option for people who are interested in an urban lifestyle at a reduced price — and in a small space.
“I agree that it's not for everyone, but I think the value is here for this area specifically,” Garrett says, pointing to the many restaurants and retail businesses nearby. “There's some generational shifts where certain folks won't want the McMansion, certain folks will. This gives an opportunity that isn't here now.”
The inside scoop:
Though the condos are small, they all have eleven-and-a-half-foot ceilings. The smallest units are also built to give structure by separating the living and sleeping areas with the bathroom. Garrett says the building has found some people need help imagining how to use the spaces, so the building has invested in demo furniture that is convertible for multiple uses — like Murphy beds.
Each condo also has large windows to let in natural light; City Lights plans to provide a virtual design center for people who want to do renovations once they buy. Certain units have spaces that could be converted into sleeping lofts to maximize space, while others might have opportunities to invest in more kitchen space.
The building also has a rooftop deck with an outdoor kitchen, though Garrett notes that the newly formed homeowners' association and future owners will determine what they ultimately do with that space. “There might be opportunities to make this what they want it to be, but we don't want to make that decision for them,” he says.
The building doesn’t have an excess of amenities, but that was intentional, Garrett explains, in order to keep costs low when there are so many entertainment and shopping options just outside the doors of the building.
“What do you need amenities for on-site when you have 300-plus services within blocks?” he asks.
The building has eight dedicated parking spaces, which the HOA will be in charge of allocating. There are also some city street permit options for residents within the neighborhood, though those are limited as well.
A few residents still have leases in the condo units, so City Lights plans to roll out the units over time rather than all at once. However, if someone wanted to buy with a renter in-unit, the lease would transfer to them. Garrett suggests that some people may purchase the units as rental properties, too.
There are currently three condos listed in the MLS with more to come; there will be a broker open house in the coming weeks.
