Microunits aren’t just for downtown Denver. Now you can live in a unit with less than 450 square feet on Tennyson Street.
Tennyson Place, the 81-unit development, was constructed by Vertix Builders. The new building has 15 one-bedroom apartments, 43 studios and 23 microstudios, ranging from 365 to 769 square feet.
For the building’s developer, having small units on Tennyson makes sense because research suggests that walkability is more important than proximity. Plus, just because you’d like a smaller unit doesn’t mean you want to live downtown.
“I can tell you anecdotally, from someone who’s lived downtown, I much prefer to be in one of those ancillary neighborhoods,” said Allante’s Jordan Meylan, director of finance and research.
Also, if you wanted to live near Tennyson Street, it can get expensive, says Meylan.
“To buy a single-family bungalow in that neighborhood, you’re going to spend a little over $500,000 for something that’s unrenovated. From a mortgage standpoint, you’re looking at $2,500 and up. Whereas with our deal, our price point is about $1,230 to $2,000,” he said.
As with many apartment buildings with smaller units, there are amenities: among them, a bike repair shop, fitness center, deck, pet spa and a clubhouse. Those are things that help build community and increase resident retention from year to year, says Meylan.
“Could we have pushed more units and maybe made the economics a little better? Yes. But it would have been at the expense of something that’s not as easy to measure, which is community,” he said.
But perhaps the biggest amenity is the money that you can save on rent and spend on your outdoor lifestyle, says Meylan.
And if you happen to need a space to store your skis, the building also has 44 storage spaces available for rent for an additional fee. Likewise, parking is also available for a monthly cost.
Additional reporting by Aimee Maravi