Core Spaces Breaks Ground on Denver BTR Project
The community’s first units will come online in 2026.
Core Spaces has broken ground on Oxenfree Commerce City, a 269-unit single-family rental project in Commerce City, Colo., inside Greater Denver. First homes will come online in the spring of 2026.
The community will feature a mixture of single-family detached units and townhomes with private garages and yards or balconies totaling 442,927 square feet of rentable space. The homes will take different shapes, from farmhouses to contemporary or modern structures.
Core’s Oxenfree properties have open-concept kitchens and living rooms, smart-home technology and double-pane windows to maximize natural light. Commerce City’s amenities are slated to comprise a gym, swimming pool and spa, as well as outdoor dining and entertainment spaces.
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Located at 9940 E. 112th Ave., the development is roughly 14 miles northeast of downtown Denver, while U.S. routes 85 and 6 are less than 1 mile away. The lakes, wetlands, grasslands and woodlands of the Rocky Mountain National Refuge are roughly 9 miles away.
Core Spaces’ single-family rental ventures
In 2022, Core Spaces and Harrison Street launched a $1.5 billion venture to acquire and develop single-family rental properties. As of September 2024, Core’s BTR division had more than 3,000 units underway in high-growth metros throughout the U.S.
The company’s SFR pipeline also includes a second Denver project. Oxenfree Clear Creek—also Core’s first BTR project in Colorado—is already under construction and the developer will bring online its first homes in the summer of 2025. The community will comprise 116 three- and four-bedroom duplexes.
Core debuted two Oxenfree communities in Tennessee and Texas earlier in the year. Between the duo, the unit count totaled 504 townhomes with the bulk of them—408 units—delivered in Princeton, Texas, inside the Metroplex.
Denver’s build-to-rent pipeline, constant
As of September, metro Denver’s BTR supply pipeline totaled more than 1,400 homes across eight developments of more than 50 units, Yardi Matrix shows. The data provider expects nearly 490 units to debut this year, which is almost in line with the unit count that came online last year—more than 470.
According to a Yardi Matrix report, the advertised asking rent in the SFR sector began to contract in some markets, such as Phoenix where it shrunk by 3.8 percent year-over-year in August, and Atlanta where it decreased by 2.8 percent during the same period. Despite the moderating rates, Denver posted a growth of 2.6 percent year-over-year through August.
