Palo Alto Housing Unveils Revitalized Affordable Asset
- Aug 21, 2017
Palo Alto Housing and local authorities celebrated the reopening of Colorado Park Apartments, an affordable rental community developed by Palo Alto Housing in 1972 and renovated during the last two years. The $31.9 million revamp of the 60-unit property was possible through tax-exempt bonds and loans from U.S. Bank, Union Bank and the City of Palo Alto.
Located at 1141 Colorado Ave., the Section 8 community is close to parks, schools and playgrounds. Colorado Park Apartments is a seven-building asset with eight one-, 24 two-, 22 three- and six four-bedroom apartments. The development includes a laundry facility, 90 spaces of both covered and uncovered parking, a community room and a business center. Currently, 486 people are on a waiting list for an apartment and it will take an estimated five to seven years to work through the list.
During 2016 and the first half of 2017, PAH replaced the building’s facade, and worked on patio fencing, roofing, paint, finishes and landscaping. Upgrades included increased outdoor seating, a new barbecue area, solar panels, two play structures, adult outdoor exercise equipment and a bicycle storage shed. The lawn areas have also been made more eco-friendly. Inside the apartments, various appliances have been replaced with energy-efficient models and new water-saving fixtures have been installed.
“Through high-quality design and construction, we were able to significantly update the buildings and enhance the quality of life of our residents here. This rehab and syndication also ensure that these homes remain affordable for the long-term,” said Palo Alto Housing President & CEO Candice Gonzalez, in a prepared statement.
In addition to development and property management services, Palo Alto Housing provides an onsite resident service coordinator that serves youths in grades K-12, offering academic support, enrichment activities, and life and leadership skill development.
Image courtesy of Keith Baker via Palo Alto Housing