Apartment Developer Allowing Denver Renters a Piece of the Action

Enterprise Community Partners has announced the properties participating in its Renter Wealth Creation Fund. This investment vehicle provides residents of affordable housing with an ownership stake in their properties. Multifamily Dive reports that Sheridan Ridge Townhomes and Willow Green Townhomes, located just outside of Denver in Arvada, Colorado, are the first properties to participate in the fund. Lakewood, Colorado-based Archway Communities is the developer and operator of both sites.

One of the goals of the Renter Wealth Creation Fund is to provide an opportunity for lower- and moderate-income renters to build wealth through housing — something that historically has only been possible through homeownership.

Using capital investments from national foundations, banks and individual investors, Sheridan Ridge and Willow Green residents will receive a cashback payment for their on-time monthly rent. Archway will also be able to execute $1.7 million in renovations and preserve current rent rates and income restrictions. Tenants can also receive a piece of the equity should the project be sold at a profit.