Seattle-based Vitus has acquired its first Colorado asset—Renaissance 88, a 180-unit community in the Denver area. Together with partner Colorado Coalition of the Homeless (CCH), the developer intends to renovate the six-building property and preserve affordability for its residents.
Located at 388 E. 88th Ave. in Thornton, the asset is roughly 15 miles north of Denver. According to Yardi Matrix data, Renaissance 88 contains a mix of one-, two- three- and four-bedroom units, averaging 848 square feet. Following its revamp, the community will continue to cater to both low-income and homeless families in the metro, as households here will pay no more than 30 percent of their income on rent. Twenty-four apartments will be set aside for chronically homeless individuals with disabilities and 36 units will be reserved for homeless families. Vitus and CCH will maintain onsite integrated health care, counseling and residential services.
The first stage of redevelopment will include the renovation of damaged walkways and parking lots and replacement of appliances in the community room and business center, totaling a $1 million budget by early 2019. Vitus plans to conduct a large-scale renovation in 2023, when the roof and windows will be replaced, and new flooring and energy-efficient lighting will be installed. The budget for the second phase of the renovation process will be six to eight times larger.
“It is a tough time to rent in the Denver area. Nearly a quarter of renters are spending half or more of their income just to keep a roof over their head,” said Scott Langan, development director for Vitus, in prepared remarks. Currently, half of all Colorado renter households are cost-burdened, according to Vitus.
Image courtesy of Yardi Matrix