CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer, today announced the closing of Windsor Court located in Aurora, Colo. The three-story garden-style development consists of 143 units, offering one- and two-bedroom apartments designed for families and senior residents.
The renovation will modernize the apartment interiors with installation of new kitchen cabinets, vinyl flooring, low-flow toilets and shower heads, and new Energy Star rated appliances, including a refrigerator, range, and packaged terminal air conditioner (PTAC) unit in each apartment. Upon completion, the property hopes to attain Enterprise Green Communities (EGC) certification, the only national green building program for the affordable housing sector.
Exterior work will include full replacement of the windows and the building’s siding. The parking lot asphalt will get a fresh grind and overlay, and a new community garden will provide open, green space for residents.
“Preserving a building that was very close to being converted to market-rate housing will significantly help the community,” said Anand Kannan, President at CPP. “Rents continue to rise in Denver and surrounding suburbs like Aurora. Through the Rental Assistance Demonstration (RAD) conversion and Low-Income Housing Tax Credit (LIHTC) program, this property will remain affordable for at least the next 40 years.”
The property was built in 1973 and is primed for modernization. It is adjacent to the Fitzsimmons neighborhood which has seen recent investment around the University of Colorado Anschultz Medical Campus, the largest academic health center in the Rocky Mountain region.
“We are excited to be a part of this revitalization and look forward to seeing Windsor Court residents enjoy the many property improvements,” said Jack Aronson, Vice President of Acquisitions at CPP
CPP’s total development investment is expected to be approximately $54.3 million, with a purchase price of $29.3 million and a total investment in renovations of $75,000 per unit. Construction begins in January 2023 and is expected to be completed by December 2023.
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. Craig Stack and Bill Morkes of Colliers International represented the seller.
“This renovation and preservation in Aurora will likely continue to spur additional investments in the area and, as a result, improve the community for everyone who lives here,” said Karen Buckland, Vice President of Development at CPP.
During construction, tenants will have access to resources provided by Rainbow Housing, a national provider of supportive services. Free internet will be provided to all residents. Existing residents will be temporarily relocated for a period of two weeks during the interior renovations. There is no permanent displacement planned through the rehabilitation.