Following the acquisition of a $41 million Colorado Springs community, Security Properties has closed the recapitalization of Village Crest Apartments, a 120-unit garden-style affordable property in Commerce City, Colo. Security Properties Residential will continue to manage the asset. Citi Community Capital provided the tax-exempt financing for the rehabilitation, while R4 Capital secured tax credit equity.
The seven two- and three-story buildings at 6201 E. 62nd Ave., in northeastern Denver, serve low-income residents with earnings below 60 percent of the area median income. Built in 1999, the community offers convenient access to the planned redevelopment of the former Mile High Greyhound Park.
Village Crest features one-, two- and three-bedroom units ranging from 536 to 1,107 square feet. Common area features include a playground, 250 parking spaces and a clubhouse.
The company plans to upgrade the clubhouse and to add a fitness center, computer lab and laundry room, as well as some improvements to the mechanical systems, kitchen appliances, cabinet fronts, countertops, lighting and new fixtures.
“Demand for affordable housing across Denver continues to grow, which makes preserving existing affordable housing all the more critical,” Bryon Gongaware, managing director of affordable housing at Security Properties, said in prepared remarks.
Image courtesy of Yardi Matrix