Michaels Opens Denver-Area Affordable Housing
This is the first income-restricted property in Fort Lupton in 15 years.
The Michaels Organization has opened Sagebrush Apartments, a 72-unit, income-restricted community in Fort Lupton, Colo., near Denver. It is the first fully affordable development in the city in 15 years.
Kephardt designed the project and general contractor B.C. Builders LLC handled construction.
Funding for the $25 million project includes:
- LIHTC allocated by the Colorado Housing and Finance Authority
- vouchers provided by The Weld County Housing Authority
- PILOT for real estate tax relief, with the assistance of The Fort Lupton Housing Authority
- tax credits syndicated by Berkadia Affordable to the Bank of Montreal
- $16.4 million in construction financing from BMO, according to Yardi Matrix data
- Housing Trust Funds provided by The Department of Local Affairs
Additionally the property will undergo a permanent loan conversion through the CHFA HUD Risk Share program.
Sagebrush Apartments comprises two 36-unit buildings. All residences are designated as affordable, restricted at various levels of income between 30 and 80 percent of the area median income. It includes one-, two- and three-bedroom floorplans ranging from 664 to 1,114 square feet, all of which feature in-unit washers and dryers. Common-area amenities include a 2,300-square-foot clubhouse and leasing center, along with a fitness center and pet park.
Located at 1365 2nd St., the property is part of a larger 12-acre redevelopment project in Fort Lupton. Sagebrush Apartments is roughly 30 miles north of Denver, as well as 9 miles from Platte Valley Airpark and 28 miles from Denver International Airport.
Michaels expands affordable housing portfolio
The Michaels Organization operates across various residential real estate sectors, serving some 200,000 residents across more than 600 properties. Recently, the company opened The Harrison, a 55-unit mixed income senior housing community in Camden, N.J. It represents the second phase of the $165 million Ablett Village redevelopment.
Last year, the company broke ground on The Lodge at Autumn Willow, a 150-unit senior affordable housing property near Washington, D.C. The LIHTC-supported project aims for various sustainability certifications and expects completion later this year.
