Startup behind Denver’s biggest real estate transaction in 2019 buys in Seattle, LA

BusinessDen highlights the latest real estate transaction in Denver.

 

“The Denver startup behind the city’s biggest real estate transaction this year has since purchased four additional apartment complexes in other cities.

Daydream Apartments, which paid $304 million in April for the Whole Foods-anchored Union Denver complex at 1770 Chestnut Place, has spent approximately $600 million since then on complexes in Seattle and Los Angeles.”

 

Read more on BusinessDen here.

Proof that history and affordability can coincide is in Tammen Hall

Denverite covers affordable housing at Tammen Hall.

 

“Celebrations earlier this month of the completion of Tammen Hall also marked the resurrection of the mural that True completed in 1932 for the former nurse’s residence, built in 1930. Tammen Hall now houses 49 apartments for people 62 or older. Rents are kept to no more than a third of tenants’ incomes and only seniors earning up to 60 percent of the area median income can be residents.

True’s lush, five-panel mural depicting Native American men and women in everyday settings is just one of the painstakingly restored architectural and design elements surrounding residents who might have been priced out of the gentrifying neighborhood. Annie Robb Levinsky, executive director of Historic Denver, called the project proof that history and affordability can coincide. Tammen benefitted from both historic and low-income housing tax credits.”

 

Read more on Denverite here.

Plans to develop Empower Field at Mile High’s south parking lots continue to move forward

FOX31 highlights development plans for the parking lot south of Empower Field.

 

“DENVER — Plans to develop Empower Field at Mile High’s south parking lots continue to move forward with both developers and the city working to define what the area will look like and how it will function.

The project is focused on 50+ acres south of the stadium. The goal is to re-develop the parking lots into a mix of apartments, restaurants, retail spaces and parks. Affordable housing will be a priority in the development.”

 

Read more on FOX31 here.

Westminster bid for affordable apartments gets boost from locals who never thought they’d need them

Denverite covers new affordable housing in Westminster.

 

“It could have been her former self she was hearing.

Pam Gantenbein was listening to her Westminster neighbors urge their city council to vote against a proposal for a below-market-rate housing complex. When she owned her own home, she thought, “I don’t want affordable housing in my backyard. It’s going to bring crime. It’s going to bring down my property values,” she said in an interview.

After suffering health setbacks and leaving her marriage and her house, Gantenbein struggled to find a place of her own that she could afford. She eventually moved into an apartment in ALTO, a Westminster building developed by Unison Housing Partners, once known as the Adams County Housing Authority, where rents are kept within reach of households earning no more than 60 percent of the area median income.”

 

Read more on Denverite here.

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420-unit, 2-tower apartment development planned in Golden Triangle

Denver Business Journal highlights a new plans for the development of an apartment complex in Denver.

 

Mill Creek Residential is under contract for the site currently occupied by Rocky Mountain Public Media in the Golden Triangle with plans to develop its largest project in Denver to date — a two-tower, 15-story apartment community that will bring more height to that neighborhood.

The Dallas-based multifamily developer, which has built a number of projects across Denver and has more in the works, submitted a site development plan this week for the apartment development at 1025 N. Bannock St. That plan shows that it intends to brand the project as “Modera Golden Triangle.” Mill Creek has developed other Modera-branded apartment communities in Capitol Hill, Lower Highland, the River North Art District, Observatory Park and West Washington Park. It also developed Post River North in RiNo.”

 

Read more on Denver Business Journal here.

Developer proposes apartment opportunity-zone play in West Colfax

The Denver Business Journal covers plans for apartment development on West Colfax.

 

“Opportunity zone deals continue to roll in across Denver, the latest popping up in the West Colfax neighborhood.

A pair of concept site plans have been filed for two separate apartment projects totaling 147 units. Concept plans are filed at the earliest stage of the city’s development process and final projects tend to change.”

 

Read more on Denver Business Journal here.

Academy Place awarded tax credits for affordable units in Broomfield

Broomfield Enterprise covers new housing tax credits for affordable housing in Broomfield.

 

“Academy Place, a 50-unit affordable housing project that will be built near Main Street and 120th Avenue in Broomfield, was awarded $1.25 million in annual tax credits.

At the end of September, Summit Housing President Rusty Snow, Housing Program Manager Cheryl St. Clair, and Dayna Scott, executive director of Broomfield FISH, testified before Colorado Housing and Finance Authority, applying for the credits. They learned of the award Oct. 4.

There were 30 applications this year, St. Clair said, totalling more than $35 million in credit requests. Of those, 15 projects were awarded a total of $17.1 million in tax credits, which will result in 722 low-income units throughout the state.”

 

Read more on Broomfield Enterprise here.

Denver’s Cherry Creek zip code has the most expensive rents in Colorado. Here’s how the others rank.

Denverite covers the price of rent in Cherry Creek.

 

“Denver was home to nine of the 10 most expensive neighborhoods for renters in Colorado this summer, according to RENTCafe.

The apartment search website analyzed rents for 17 million apartments in almost 7,000 zip codes across the country as the summer ended. In Colorado, 80206 topped the list for most expensive, with average rents of $2,454, up 1.4 percent from the previous year.

Denver’s highest rent didn’t crack the U.S. top 50, a list dominated by New York and California zip codes. The zip code that includes Cherry Creek and Congress Park came in 225th nationwide and also topped the Colorado list last year.”

 

Read more on Denverite here.

Housing authority announces low-income tax credit

Golden Transcript covers new low income affordable housing tax credits for Colorado.

 

“Colorado Housing and Finance Authority has awarded the final low-income housing tax credit awards for 2019. The housing authority is the allocating agency of federal low incoming housing tax credits in Colorado.

Thirty applications requested $34.9 million of the authority’s 9 percent federal tax credits, and $17,111,701 was awarded to 15 developments. The awards will support the construction of 723 affordable rental housing units in Colorado.”

 

Read more on Golden Transcript here.

Denver moves ahead on affordable-housing redevelopment

Colorado Politics highlights plans for affordable housing redevelopment in Denver.

 

“After the Denver City Council approved nearly $3 million in no-interest, forgivable city loans, the Denver Housing Authority is moving forward in its first redevelopment phase of the city’s oldest – and poorest –  subsidized housing community, the Sun Valley neighborhood.

The council passed the loan agreement in a 12-0 vote Monday, with Councilwoman Kendra Black absent. The decision was made as part of a block vote with no discussion.

With about $71.5 million now secured for the first phase of development from state, federal and private funding, there will be two initial construction projects.”

 

Read more on Colorado Politics here.