Colorado Real Estate Journal - October 19, 2016
A new apartment community in Greeley will bring 100 units to a market strapped for affordable, quality rental housing. Denver-based Steele Properties LLC will start construction this month on Porter House Apartments. The apartments will be built on 10 acres at 5580 W. 29th St., a site surrounded by existing single-family homes and condominiums, and close to retailers and other amenities. The development is designed to supply quality rental units for households with limited means, including those displaced or living in substandard or overcrowded housing due to impacts of the region’s 2013 flood. “There is a very high housing demand in the area,” said Jennifer Cloud, acquisitions manager for Steele Properties, which specializes in affordable housing. “We’re always actively pursuing land acquisitions and development opportunities, and we came across the land that we ended up acquiring for this project. It’s a great location,” she said. Steele Properties was able to leverage two programs to assist with financing the approximately $23 million project. The Colorado State Low Income Housing Tax Credit program, administered by the Colorado Housing and Finance Authority, provides state tax credits for projects in designated disaster relief areas. Also, Community Development Block Grant-Disaster Relief funding provided funding to assist with recovery from the floods that impacted Weld, Larimer and Boulder counties. The Colorado Department of Local Affairs’ Division of Housing administers the funds. In addition, the Porter House development will use noncompetitive 4 percent federal tax credits, also allocated by CHFA. PNC Bank provided state and federal tax credit equity. CHFA supplied bond financing through the agency’s HUD-Risk Share Loan program. In addition, the city of Greeley provided a five-year, low-interest loan to assist with payment of permit fees. Porter House Apartments will consist of five three-story, walk-up buildings and a 3,000-square-foot leasing office and community building. There will be primarily two- and three-bedroom apartments, and some one-bedroom units also will be available. All units will be 100 percent rent and income restricted to persons earning up to 40 and 60 percent of area median income. In addition, The Greeley-Weld Housing Authority will provide five Project Based Housing Vouchers for households earning 30 percent or less of AMI. The Porter House will include a tennis/basketball court, outdoor gathering areas and open space and a community center with event space and a computer lab. There will be a laundry facility, and units also will include washer/dryer hookups. Ceiling fans, walk-in-closest and patios or balconies also will be among in-unit amenities. Monroe Group, the property manager, will begin preleasing apartments in January. The first units are scheduled to be available in April, with apartments continuing to be delivered through March 2018. “We are extremely excited to begin construction on this needed housing development,” Chad Asarch, principal of Steele Properties, said in an announcement. “Porter House will provide an amenity-rich, highly desirable rental opportunity for 100 households in and around Greeley. We look forward to welcoming residents to their new homes starting in April of next year and are grateful to the state and local agencies, financing partners and design team for partnering with us and helping us achieve this milestone.” Benton Design Group designed the Porter House Apartments, which is being built by Commonwealth Cos. The apartments will be built to CHFA Enterprise Green Communities standards for sustainable building. Other News DDIT Texas LLC sold a 14,589-square-foot office building at 3850 N. Grant Ave. in Loveland to Blue Sky Real Estate O Ltd. for $2.7 million. John Witt and Matt Call of NavPoint Real Estate Group represented the seller. Annah Moore of CBRE Inc. represented the buyer. Tenants in the building include Miramont Family Medicine, University of Colorado Health and Edward Jones. The building was built in 1996. FC118 LLC purchased a 9,100-sf restaurant/retail space at 118 W. Troutman Parkway in Fort Collins for $1.63 million. Travis Ackerman of Cushman & Wakefield represented the seller. Dorit Makovsky Fischer of NAI Shames Makovsky represented the buyer. Brickhouse Functional Fitness LLC leased 7,737 sf of industrial/flex space at 1111 Diamond Valley Drive in Windsor from Lufkin RE LLC. Jerry Chilson of SVN/Denver Commercial handled the transaction. Health District of Northern Larimer County leased 2,368 sf of office space at 1302 S. Shields St., Suites A1-3, from CSURF. Kim Meyer of Sperry Van Ness/Denver Commercial represented the landlord. Yuxia Weng, doing business as Therapeutic Massage Therapy Spa, signed a lease for 1,025 sf of space at 1039 Main St., Unit F, in Windsor. Jerry Chilson of SVN/Denver Commercial represented the tenant. Joe Palieri of Doberstein Lemberg Commercial Inc. represented the landlord, Multilateral Partners Windsor L P.