Element Properties Opens Denver-Area Affordable Housing Community
- May 11, 2018
Element Properties has opened the doors of SPARKwest, a 45-unit affordable housing community in Boulder, Colo. Developed in partnership with Boulder Housing Partners and Thistle, a management and leasing services provider, SPARKwest is part of the larger SPARK development—an 11-acre mixed-use project that will eventually feature 273 mixed-income units. In fall last year, Element Properties invested in another property in the same city. In a joint venture with Signature Partners, the company closed $11 million in financing for a 60-unit community in Boulder.
Located at 3215 Bluff St., SPARKwest is just north of the Steel Yards neighborhood. The property features 19 three- and 26 two-bedroom units, all equipped with washers and dryers. Amenities include complimentary RTD bus EcoPasses for all residents and bike path access. Additionally, the community has a 116-kilowatt solar system. Sopher-Sparn Architects designed the property to meet LEED standards.
A public-private effort
The City of Boulder contributed $3.8 million for the project, while the Colorado Housing and Finance Authority (CHFA) provided the Federal and State Low Income Housing Tax Credits. SPARKwest was also funded by the proceeds from the sale of tax-exempt private activity bonds issued by the CHFA.
SPARKwest is currently fully occupied, following almost two months of intense leasing activity. Nine apartments are restricted to residents earning 60 percent of the area’s median income, while the remaining 36 residences are set aside for residents making no more than 50 percent of the area’s median income.
“The overwhelming demand we saw for the 45 homes at SPARKwest is a sign of how much work remains to develop an array of meaningful solutions for our community’s housing challenges,” said Element Properties Principal of Community Development Kevin Knapp, in prepared remarks.
Images courtesy of Element Properties