He says the Peloton project is an interesting one due to the Boulder market. "It's very difficult to get entitlements [there]," Sevier says. "It's historically a no-growth area."

The project has broken ground and is being developed at the northeast corner of 33rd Street and Arapahoe Avenue. It includes four four-story buildings, with individual units ranging from about 650 sf to 1,900 sf. Prices are estimated to start in the low $300,000s.

Set on roughly 10 acres, the project will include ground-floor commercial space in each of the four buildings. Specific tenants aren't nailed down yet, according to Sevier, but discussions are underway with a gourmet coffee house. Other potential targets were not identified.

Other amenities at the site include a high-end fitness center and a rooftop deck with a swimming pool and hot tub. Also, there are plans for conference rooms and an area for screening movies.

Sevier says while the condo project makes sense in the ultra-tight Boulder market, that's not the case throughout the Western states, particularly in the Southern California region. "Right now, you're seeing a lot of people unable to afford condos, which is driving potential buyers to apartments," he says. "In some cases, even if the person has the down payment, they are waiting to see if prices come down."