Phoenix & Southwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Renovation-Ready Denver-Area Apartments to Receive $75K-Per-Unit Upgrades
Affordable housing preservation developer, Community Preservation Partners (CPP) has closed on a long neglected Aurora, Colorado multifamily community. Built in 1973, the 143-unit Windsor Court is primed for modernization. CPP will spend $75,000 on each unit, upgrading items such as kitchen cabinets, flooring, appliances, siding and windows.
CCP’s total development investment is expected to be approximately $54.3 million, with a purchase price of $29.3 million. Construction begins in January 2023 and is expected to be completed by December 2023. There is no permanent displacement planned through the rehabilitation.
The project will benefit from 4% tax credits and private activity bonds, both of which are provided by the state agency CHFA. The permanent financing will be provided by Redstone and the equity investor is PNC Bank. The property will also benefit from a tax abatement made available through a strategic partnership with The Housing Authority of the City of Aurora.
