ULC Preserves 100 Workforce Homes in Lakewood, Colo.
- Dec 20, 2012
Lakewood, Colo.—The Urban Land Conservancy has acquired a 100-unit rental property in Lakewood, Colo., located at the Wadsworth Light Rail Station on the West Corridor of FasTracks to preserve workforce housing near public transportation.
“Villas is a really solid property, and a rare preservation opportunity serving a real housing need in the community,” Aaron Miripol, Urban Land Conservancy’s president and CEO, tells MHN. “The homes are in good condition and the property has been really stable having only two owners in the last 40 years.”
The acquisition is the first step in making a case for a regional transit-oriented development fund that will preserve affordable housing and other community assets at transit sites.
“Acquiring this property has secured affordable workforce housing at a critical transit site on the West Line,” Miripol says. “These 100 homes have been preserved for the current residents, there is no risk of displacement or developing these homes into market rate apartments that current tenants could no longer afford.”
Located at 1330 -1337 Yukon Street, The Villas are comprised of one- and two-bedroom apartments in two apartment buildings and features a community facility built in 1971.
“The 100 units are in good condition and the residents have nice amenities including a pool,” Miripol says. “ULC will be doing some improvements including some landscaping for safer and easier access to the Wadsworth rail station.”
The preservation housing is ULC’s largest real estate transaction to date and their first acquisition in Lakewood.
“We have been looking to invest in Lakewood for a long time as ULC’s mission does not stop at the Denver border,” Miripol says. “There is a significant regional need for workforce housing preservation and creation along transit corridors, specifically at stations sites.”
This particular purchase was successful for ULC due to the commitment of its two partners: Rocky Mountain Communities and Colorado Resources & Housing Development Corporation.
“They were willing to invest in this site now, take over management of the property and work to secure permanent financing for eventual ownership,” Miripol says. “ULC was needed in this deal because timing was a challenge for RMC and CRHDC; the property would have been lost to market rate real estate if ULC would not have stepped in with funds to purchase.”
The Villas purchase, Miripol says, supports ULC’s mission of preserving real estate assets for community benefit.
“The opportunity to preserve workforce housing at a FasTracks rail station is incredibly competitive and chance to do so is rare,” Miripol says. “ULC is fortunate to work with incredible partners in the Denver region who share our mission, and are working with us to continue identifying investment opportunities that can provide housing to families with access to essential needs including jobs, education and health.”