Pennrose Kicks Off Denver Affordable Community
The property is also age-restricted.
Pennrose has started work on Kite Route Crossing, a 50-unit, age-restricted, affordable community in downtown Superior, Colo. Completion is slated for 2027.
This marks the first income- and rent-restricted property in the city. The $26.4 million project is designated for individuals over 55 years old earning up to 70 percent of the area median income.
The Colorado Housing and Financing Authority allocated the federal and housing tax credits, while JP Morgan Chase & Co. and Berkadia issued the senior construction and permanent loans, respectively.
Rising on 2 acres at 2101 Old Rail Way, Kite Route Crossing will be fully electric-powered. It will encompass 44 one-bedroom units and six two-bedroom units. All units will have washers/dryers, walk-in closets, with some apartments also including balconies. Shared amenities at the pet-friendly community will feature a fitness center, community room, activity room, indoor bike storage and pet-washing station.
Several dining and retail options, such as a Target and a Costco Wholesale, are less than 1 mile from the property. Denver is 20 miles southeast.
In Colorado, the affordable housing supply has been at one of the lowest points since 2023, with data revealing a shortfall of about 134,000 units, according to The National Low Income Housing Coalition. Last month, the Colorado Office of Economic Development and International Trade and the Colorado Housing and Finance Authority shook hands for a cash-back program that includes development subsidies among multiple other renter benefits.
