Denver Celebrates Affordable Housing Milestone
- Nov 09, 2016
by Adina Marcut
Denver—The first permanently affordable apartment project completed using Denver’s Revolving Affordable Housing Loan Fund celebrated its grand opening last week. The opening ceremony for Northfield @ Stapleton was attended by dozens of local officials, nonprofit and business leaders.
Located at 4900 Trenton St. in the city’s Stapleton neighborhood, Northfield Apartments incorporates 84 one-, two- and three-bedroom units featuring washer/dryer hookups, above-standard ceiling height and high-speed internet access. Residents also have access to a variety of common-area amenities, including a fitness center, business center, community room, 97 spaces of parking and rental offices, according to Yardi Matrix.
According to The Denver Post, rents at the new community range from $650 to $1,150, depending on unit size and resident income. The community will also offer programming for residents, including cooking classes, after-school programs and exercise opportunities.
A construction loan in the amount of $785,000 was funded by the city and county of Denver. The Northeast Denver Housing Center, which owns the new community, drew an undisclosed amount from a $900,000 construction line of credit funded by the Colorado Housing and Finance Authority, according to data from Yardi Matrix. The community is managed by Ross Management Group.
“There are lots of groundbreakings, lots of ribbon cuttings, (…), we’re trying to keep pace with a rapidly growing market,” Rick Padilla, director of housing for the Denver Office of Economic Development, said in a statement.
Image courtesy of Cuningham Group