Family Tree JV Lands $19M for Denver-Area Affordable Project

CVS Health provided the financing through Boston Financial.

Family Tree and BlueLine Development have received $19.2 million for the development of Marshall Street Landing, an 85-unit fully affordable housing community in Arvada, Colo. CVS Health provided the financing through Boston Financial. Family Tree has owned the site for more than 25 years.

Marshall Street Landing
Family Tree has owned the Marshall Street Landing project site for more than 25 years. Image by Shopwork Architecture, courtesy of CVS

The partners broke ground on the project last month, while completion is expected in summer 2025. Financing for Marshall Street Landing also includes Low-Income Housing Tax Credits, which were provided to Family Tree back in November 2022.

The permanent supportive housing community is designated for families and homeless individuals or earning below 30 percent of the area median income.

Non-profit Jefferson Center Mental Health will offer mental health and substance use counseling, while services such as trauma-informed case management, crisis assistance and on-site life-skills educational programming will be provided by Family Tree. All participants will also receive Project Based vouchers.

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The four-story building will incorporate one- and two-bedroom floorplans. Common-area amenities are slated to include a community room, a community kitchen, a picnic area, a playground, laundry facilities, controlled access and more than 80 parking spaces.

Located at 5549 Marshall St., the site is within Jefferson County. The development is close to the intersection of Route 121 and Interstate 70, as well as some 8 miles from downtown Denver. Regis University, Arvada Marketplace, Berkley Lake Park and Lakeside Amusement Park are all within a 2.5-mile radius.

CVS investing in affordable housing

CVS Health and Fresno Housing recently opened a 41-unit transformative affordable housing community in Fresno, Calif. CVS invested an estimated $18.4 million into the project through Red Stone Equity Partners, which marked the company’s third housing investment with Fresno Housing in the past couple of years.

The health solutions company has invested about $43 million for the renovation, preservation and creation of more than 2,100 affordable and supportive housing units throughout Colorado. CVS Health also made various investments nationally within the past five years, which helped create, preserve or renovate more than 22,600 affordable rental units, including 5,800 for seniors.

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