Lakewood project repurposes blighted property

With affordable housing an important issue in the Denver-Metro area, it’s a good thing when more affordable housing units become available.  A vacant, blighted office tower and retail strip mall have been replaced with 152 affordable housing family units. Colorado Real Estate Journal reports:

 

““I am not sure there is any greater impact on a community and on personal lives than taking a blighted, contaminated, vacant, unattractive building and turning it into a vibrant, beautiful space that meets one of the greatest challenges our community, our state, is facing – affordable housing,” Tami Fischer, executive director of Metro West Housing Solutions, proudly declared when asked about the community impact of this affordable housing development. “We took the ‘ugliest building’ in Lakewood and turned it into safe, classy and permanently affordable housing community!”

You can see, hear and feel the excitement and pride of the MWHS staff when discussing and showing off Fifty Eight Hundred.

Fifty Eight Hundred, located logically enough at 5800 W. Alameda Ave. in Lakewood, is the end product of the transformation of a vacant, blighted office tower and former retail strip mall into 152 affordable housing family units. Fifty Eight Hundred is a community with amazing views, walkable shopping nearby, close bus lines and art installations throughout the buildings. Near Lakewood’s Belmar shopping and entertainment district, it is home to studios, one-, two- and three-bedroom apartments serving individuals and families from 30% area median income to 60% AMI.”

Read more from CREJ here.

Construction Begins on Affordable Housing in Colorado’s Vail Valley

Financing for a new affordable housing complex – called Spring Creek Apartments – has been closed on in the Vail Valley. Affordable Housing Finance reports:

 

Developers have secured key financing to develop 150 units of affordable housing in Gypsum, Colo.

Bellwether Enterprise Real Estate Capital, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment, recently announced the financial closing of a $20.6 million Fannie Mae loan to create the first phase of Spring Creek Apartments.”

Read more from Affordable Housing Finance here.

How these 5 very different Colorado cities are managing the state’s unprecedented growth

The secret is out: Colorado is a great place to live! And cities and towns across the state are growing, with each one taking a different approach. KUSA 9News covered how five different cities are managing growth this week in a very interesting series.

 

“COLORADO, USA — Colorado’s population is expected to grow from 5.6 million people as of 2017 to 8.7 million by 2050 — something that demographers say will be driven by an influx of people moving to the state from other parts of the country.

With growth comes opportunity, but also challenges, especially in once-rural communities that are now the site of thousand home developments.

For “Growth Week,” the 9NEWS Mornings team visited five places in Colorado that are experiencing major growth. Keep reading below for a look at the communities and how they are adapting to a changing state.”

Read more from KUSA 9NEWS here.

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JLL arranges $40.27M financing for Denver-area apartments

Multihousing Pro highlights one of the latest real estate transactions in the Denver-Metro area.

 

JLL announced today that it has arranged $40.27 million in financing for Palisade Park, a 216-unit, garden-style apartment community in the north Denver suburb of Broomfield, Colorado.

JLL worked exclusively on behalf of Jeffrey Sanders of Boulder, Colorado-based Mountain View Capital, LLC to secure the 10-year, fixed-rate loan through Freddie Mac. The loan will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo℠ lender. Loan proceeds refinanced an existing Freddie Mac loan originated in 2018.”

Read more on Multihousing Pro here.

Apartment industry, residents contribute $39B to Denver

Did you know how big of an impact the apartment industry has on the economies of Denver alone and Colorado altogether?  It may surprise you. Colorado Real Estate Journal discusses the fascinating numbers in an interesting new article.

 

“The apartment industry and its residents contribute $39 billion annually to Denver’s economy, $60.9 billion to Colorado’s and more than $3.4 trillion – or $9.3 billion daily – to the national economy, according to a study commissioned by the National Apartment Association and National Multifamily Housing Council and researched by Hoyt Advisory Services.

Apartments drive local economies by adding employment opportunities and contributing significant revenue. In Denver alone, the apartment industry supports 186,353 jobs. Resident spending contributes $34.2 billion to the local economy, apartment operations add $1.6 billion, new construction contributes $2.5 billion, and renovation and repair of existing apartments add $720 million.”

Read more from CREJ here.

Top 5 Most Livable Mid-Sized Cities Of 2019 Are All In Colorado

CBS4 Denver highlights how Colorado is home to all of the Top 5 most livable mid-sized cities in the country.

 

“(CBS4) – Colorado is home to the top five most livable and affordable mid-sized cities in the U.S., according to personal finance website SmartAsset. The ranking took into consideration several economic factors, including median household income, unemployment rate, average commute time, poverty rate and income inequality.

Personal finance website SmartAsset ranked five mid-sized cities in Colorado as the most livable and affordable in the U.S. (credit: CBS)
Arvada came in first place with a strong job market and livable wages. Centennial came in second with low levels of poverty, unemployment and more people living with healthcare.”

Read more on CBS4 Denver here.