Colorado-Real-Estate-Journal_355045

Page 12 - August 2-15, 2023 www.crej.com Multifamily by Avalon Jacka DENVER – The Denver Housing Authority has opened two multifamily, mixed-income housing projects, completing phase 2 of its Sun Valley rede- velopment plan. “The need for these products is everywhere,” said Erin Clark, chief real estate investment offi- cer at DHA. “It's through the HUD grant that we're doing it in this area, but we would argue that these are the types of projects that need to hap- pen in every part of the city of Denver.” DHA celebrated the opening of its 135-unit Thrive devel- opment, located at 2660 W. Holden Place, in June. The 213,437-square-foot building includes two-story, three-bed- room townhomes and one- to five-bedroom multifamily units. Community amenities include a community kitchen, amenity deck, basketball court, game room, playground, class- room and bike storage. About 54% of the units at Thrive are affordable for house- holds earning below 60% of area median income. The remaining units are market rate. The project was financed through low-income housing tax credits, tax-exempt bonds, DHA funds and a loan from the Colorado Housing and Finance Authority, according to a press release. The total cost of the development was $44 million, approximately. Thrive was designed by Shopworks Architecture and built by Pinkard Construction. The building was constructed on a podium slab with two sto- ries of structural concrete frame and fire-treated wood for lev- els 3 to 7. Shopworks utilized its research around trauma- informed design to design the project, Clark said. Shopworks used natural materials in con- struction and brought in natu- ral light with a lot of windows along the long hallways and wide staircase. “Pinkard Construction has a long history of building afford- able housing in Colorado, and we are committed to deliver- ing high-quality projects that help fill the affordable hous- ing shortage in Denver,” Tony Burke, president of Pinkard Construction, said in a state- ment. “Thrive is a beautiful addition to the neighborhood and a testament to the vision and collaboration of DHA and Shopworks Architecture.” DHA has also opened its 129- unit GreenHaus development, located at 2797 and 2799 W. 13th Ave. The building includes three-bedroom townhomes and one- to -three-bedroom units. Community amenities include a dog park, gym, community lounge area, rooftop deck, play- ground, outdoor grills and a community garden. GreenHaus also features a mix of affordable and market rate rents, with approximately 57% of units being affordable for households earning below 60% of area median income. I-Kota LLC acted as general contractor for the project. In both developments, each unit features an in-unit washer and dryer and air condition- ing, and utilities are included in rent. “We work hard to focus on building new homes and not just roofs over people's heads,” Clark said. “With placemaking and the level of quality of these buildings and these new resi- dences, we want residents to really feel pride in living there.” The units were designed in collaboration with existing and former Sun Valley residents to address their needs, includ- ing more counter and storage space, in-unit laundry, bike racks and WiFi accessibility. “We are hopeful that we have succeeded in really making these buildings something that Sun Valley residents who have always called this place home and those who will call this neighborhood home can really be proud of,” Clark said. “[We hope] that it puts Sun Valley on the map in a way for others who grew up in Denver and didn't even always know this neighborhood was here.” DHA was awarded a Choice Neighborhood Implementation grant from the Department of Housing and Urban Develop- ment for its Sun Valley rede- velopment project in 2016. The housing authority is looking to build a total of approximately 950 new, mixed-income hous- ing units in its Sun Valley rede- velopment over four phases. The redevelopment also will replace 333 units on their pre- vious footprint, as required by the CNI grant. DHA previous- ly completed Gateway North and Gateway South in phase 1. The next buildings expected to be finished are Sol and Joli in phase 3, followed by Flo senior housing in phase 4. Thrive and GreenHaus, along with Gateway North and Gate- way South in the Sun Valley redevelopment, were nomi- nated as infill finalists for the Urban Land Institute 2023 Impact awards. s Denver Housing Authority debuts 2 Sun Valley projects by Avalon Jacka BROOMFIELD – The Arista neighborhood officially has a new housing complex open for new residents. Gorman & Co. opened the Crosswinds at Arista, a 159-unit affordable housing community at 11697 Destination Drive. Con- struction began on the 6.2-acre project in March 2022. The new development includes 54 one- bedroom, 84 two-bedroom and 21 three-bedroom units. Each unit has air conditioning, ceiling fans, blinds, kitchen appli- ances and a large “Colorado” clos- et with bike racks and shelving. Three-bedroom units also feature in-unit washers and dryers. Com- munity amenities include on-site management and maintenance, centralized laundry facilities in each building, bike storage, two playgrounds, a picnic/barbecue area and a dog park. “We are incredibly thankful to have had the opportunity to cre- ate Crosswinds at Arista in part- nership with the city and county of Broomfield, the Broomfield Housing Alliance, and the state of Colorado Division of Hous- ing ,” Kimball Crangle, Colorado market president at Gorman & Co., said in a statement. “Cross- winds at Arista is a response to the goals laid out by the Housing Advi- sory Committee of Broomfield and will expand the spectrum of housing options available in the Arista neighbor- hood.” The development serves households earning at and below 60% area median income with high-quality housing near exist- ing employment and services. Financing partners on the project included the Colorado Housing and Finance Authority, Colorado Department of Local Affairs Divi- sion of Housing and the city of Broomfield. Gorman & Co.’s architecture division and Deneuve Construc- tion acted as architect and gen- eral contractor, respectively. The property is located near the RTD Broomfield station, which services several bus routes, including rapid transit between Denver and Boulder. Headquartered in Wisconsin, Gorman & Co. opened its Colo- rado office in 2014. The developer specializes in downtown revital- ization, preservation of affordable housing, workforce housing and adaptive reuse of historically sig- nificant properties. Other News n AURORA – A 12-unit mul- tifamily property was purchased for $1.5 million. Thomas Graeve of Pinnacle Real Estate Advisors LLC repre- sented both the seller, ONSUA- partment1 LLC, and the buyer, Uptown Investing Group LLC, in the transaction for the 7,740-square-foot property built in 1960. The building includes 10 one- bedroom units, one two-bedroom unit and one studio unit. The property also features eight car- port spaces with storage lockers. The property, located at 1695 Clinton St., had struggled since the beginning of the pandemic, Graeve said in a statement. “The seller is carrying the mort- gage to provide an opportunity for the buyer to perform a turn- around,” Graeve continued. n DENVER – A vintage, legacy asset in the heart of West Wash- ington Park has sold for $2.29 million. Chris Knowlton, Mark Knowlton, and Jim Knowlton of Pinnacle Real Estate Advisors LLC represented the sellers, GS Holdings 1 LLC and JM Virginia Marie LLC, in the sale of the Vir- ginia Marie Apartments located at 600 S. Logan St. Josh Hor- witz, owner of Capital Property Group, represented the undis- closed buyer. The 7,341-sf property, built in 1938, includes nine one-bedroom, one-bathroom units and three studio units, as well as a private courtyard and five income-pro- ducing garages. The sale was the third this year for the seller, who is transition- ing from multifamily ownership to retirement, according to a statement from Mark Knowlton. Additionally, the purchase was the second in two months for the buyer, Horwitz said. The buyer is currently looking for additional commercial real estate invest- ments, particularly in the multi- family asset class. s Gorman & Co. opens Crosswinds at Arista affordable housing Thrive includes 135 units with a mix of townhomes and one- to five- bedroom units at 2660 W. Holden Place. GreenHaus features 129 units with a mix of townhomes and one- to three-bedroom units at 2797 and 2799 W. 13th Ave. The 159-unit community serves households earning at or below 60% of the area median income. Kimball Crangle