JV to Preserve Affordability of 300 Units in Denver
- Dec 14, 2018
A partnership between The Community Development Trust (CDT) and Rocky Mountain Communities (RMC) plans to spend $25 million to recapitalize the 300-unit Garden Court Apartments in northeast Denver. The collaboration is set to extend affordable rent policies at the property until 2033, as part of a 15-year regulatory agreement with the Colorado Housing and Finance Authority.
Located at 1150 Syracuse St. near Aurora, Colo., Garden Court is close to the University of Colorado Anschutz Medical Campus, Children’s Hospital and a new Veterans Affairs Hospital. Several grocery stores and retail shopping options are less than 1 mile from the 15-building asset. Built in 1972, the property was purchased out of foreclosure by RMC from the U.S. Department of Housing and Urban Development in 1996 for $4.3 million, according to Yardi Matrix data. The property is a mixed-income community with 75 units at market rate and 225 units serving moderate-, low- and very low-income residents.
Garden Court‘s current rent-affordability protections were set to expire in December 2023. The new partnership will also fund $3.6 million in apartment and property improvements and another $50,000 to turn an old swimming pool into a soccer field for children.
The Garden Court investment is CDT’s second in Colorado, following the company’s partnership with Volunteers of America and the Colorado Springs Housing Authority to recapitalize Summit Apartments, a 256-unit asset in Colorado Springs.
Image courtesy of Yardi Matrix