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LA-based CityView has nearly completed the $5M renovation of Peloton West in Boulder, converting the complex from apartments to condos. The property's 195 units are priced from $450K to over $1M.
The community at 38th Street and Arapahoe Avenue was developed as condos in 2008, and the first phase was completed, but the recession put the kibosh on sales. The unsold units have been rented as apartments since then, but more recently the developers decided the time was right to sell them, the Denver Post reports.
Now that the local economy is strong, demand for condos is as well, but the supply is low, considering that Colorado’s construction defect law leaves developers open to an uncomfortable number of potential lawsuits. Older projects are aging past the statute of limitations for defects, and like Peloton West, will soon be ripe for conversion.
“With major companies like Google and Twitter opening campuses in the area, Boulder is definitely expanding, and we’re making strides as one of the only for-sale developments," Cadence Realty President Davang Shah said.
Cadence is marketing the property.
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