In August, Seattle-based Vitus made its initial foray into Colorado’s multifamily market, with the acquisition of the 180-unit Renaissance 88 in Thornton, Colo.: “We think of Colorado as being (a) very pro-affordable housing (state) through both their state tax credit and some gap funding that they provide developers,” the firm’s Development Director Scott Langan explained. “We’ve been really (wanting) to be in the Denver metro area because of the partnership with Colorado Housing Finance Agency and the local agencies throughout the Denver area.”
In partnership with Colorado Coalition of the Homeless (CCH), which previously owned the property, Vitus plans to renovate the six-building community while preserving affordability for residents. The first phase of redevelopment will cost around $1 million, with completion slated for early 2019. A large-scale renovation—with a budget of $6 million to $8 million—will follow in 2023, replacing the roof and windows and installing new flooring and energy-efficient lighting.
“Housing’s gotten older and more expensive to build and, frankly, people’s salaries and wages haven’t gone up in a commensurate fashion,” Langan noted, emphasizing the need to create and preserve better-quality, affordable housing. Renaissance 88 residents will pay, at most, 30 percent of their income for rent. Of the community’s 180 units, 24 will be reserved for chronically homeless individuals with disabilities and 36 units will be for homeless families. CCH will provide integrated health care, counseling and additional services on site.
Hear Langan discuss his firm’s plan to advance affordability for income-constrained and homeless individuals and families in this exclusive video interview.