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After landing in Denver in 2023, our team experienced an incredible year of growth in the Mile High City in 2024. We hit the ground running, and have added talented brokers to our team and expanded our exclusive portfolio of units, now sitting at over 1,000 (and counting!) in Denver. Our growth is also supported by the addition of 8 new operational team members based out of our headquarters in Chicago. This momentum has set the stage for us to more than double our Denver portfolio in the year ahead.
2024 was a year of transformation for Cross Street. Our February rebranding served as a launchpad for an exciting future. With a refreshed visual identity, the expansion of our services, and the addition of talented professionals to our team, we are poised for even greater success. Cross Street’s unique approach to leasing, sales, marketing, and technology sets us apart as your ultimate partner in multifamily development.
Denver remains a highly competitive market. With 25,000 units added in 2024 and slowed migration to the city, the result is a surplus of inventory and lowered absorption rates. According to ALN, just 7,000 of these units have been absorbed since the beginning of 2024 yet many of the projects delivered in the second half of the year. This has pushed developers to increase concession packages by an average of 23.5%. As a result, renters have more options and significant leverage. For developers, it’s adapt or fall behind. Strategic renovations are becoming essential to compete with Class A properties offering steep incentives.
An amenity space in Building A.
Building A, one of our exclusive properties in Cheesman Park, has adapted to the competitive Denver market. By combining smart renovations with an agile leasing approach, we’ve been able to drive interest, maintain competitive rents, and minimize vacancies despite broader market challenges. We have maintained higher occupancy while surrendering fewer concessions.
Building A:
+ 97.4% occupied on average (since lease up)
+ 4.85% concession per lease on new leases
+ 65% renewal in 2024
+ $3.21/sqft on average
Cheesman Park:
+ 92.4% occupied on average (advertised)
+ 8.4% concession per lease on new leases
With another 5,000 units to be delivered in Denver in 2025, our team anticipates that the first half of the year will be a continuation of large concessions, pricing that reflects lesser demand, and an overall hard-fought year. Developers and owners who are armed with an additional sales and marketing solution for leasing will certainly outperform those without.
Despite the current challenges, it’s important to keep the long-term potential of any asset in mind. Our team specializes in strategies to handle short-term hurdles while simultaneously setting projects up for lasting success. We’re focused on making the most of immediate opportunities and ensuring our properties are ready to bounce back quickly as soon as the market allows.
Partnering with Cross Street means working with a dedicated team of experts, including a leasing account manager and in-house brokers assigned specifically to your project. With our decentralized leasing model, we offer prospects 24/7 lead response and flexibility for showings, making it easier to get them into your building on their schedule. Our commission-driven brokers are motivated to deliver a top-tier leasing experience, resulting in higher conversion rates and one less fixed cost for you (no salaries, no third-party broker contracts!) We help boost your revenue by preleasing apartments, maximizing achieved rent, and reducing vacancy.
At Cross Street, we’re here to support developers every step of the way, from predevelopment and through lease up, continuing through stabilization. We bring proprietary asset intelligence to the table, so every decision is backed by data. Our pre-development services include floor plan and amenity consultation, risk assessment, and overall strategy.
Across the national Cross Street portfolio, we maintain:
+ 12,000+ total exclusive units
+ 3 markets
+ 25+ development partners
+ 50+ brands managed
In 2024, our Marketing team grew by nearly 50%, bringing even more expertise to our in-house branding efforts. At Cross Street, we harness the power of strategic branding to connect with our target audience and drive rapid leasing success. One example is The Alpine, a property now 100% leased and fully occupied. Explore The Alpine’s brand at thealpinedenver.com.
This past year, we doubled down on technology to empower developers and brokers. Our tech team developed new tools that streamline brokers’ workflows, helping them deliver best-in-class service to future residents.
Multifamily investors now have access to custom interactive dashboards, providing 24/7 reporting on leads, showings, applications, pricing, and concessions. With tech at your fingertips, we prioritize transparency and faster, more informed decision-making.
In October 2024, Cross Street took on leasing and marketing for POP Denver, a 123-unit building in the Santa Fe Art District that was struggling to reach stabilization. We stepped in with a strategic marketing approach, our unique leasing model, and a keen understanding of the building’s needs.
Since then, leasing velocity has increased and remained strong, keeping the building on track for a timely lease-up. As we continue to drive results, we stay focused on meeting current demands while proactively planning for long-term success.
Denver is still feeling the effects of significant development and slowed migration. The oversupply continues to squeeze owners and developers, and there is more competition in the rental space than ever before. It is crucial to develop strategies that work both in the short and long term – and we can help you with that.
Cross Street’s Denver portfolio is poised to grow by more than 100% in 2025. As we close out 2024, Cross Street stands ready to partner with you to unlock the full potential of their assets. From innovative marketing and advanced analytics to unparalleled leasing and sales expertise, we are the brokerage that delivers results tailored to your goals.
Let’s make 2025 your most successful year yet.
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