The Urban Land Conservancy paid $7 million for a 100-unit, two-building rental property in Lakewood near the Wadsworth Light Rail Station on the West Corridor of FasTracks to preserve workforce housing near public transportation.
This marks ULC’s largest purchase to date and its first outside of Denver.
ULC is partnering with Rocky Mountain Communities and Colorado Resources & Housing Development Corporation in the management and eventual transfer of property ownership. This purchase is the first step in making a case for a regional transit-oriented development fund that will preserve affordable housing and other community assets at transit sites.
“It is critical to preserve quality workforce housing at transit sites during the build out of FasTracks, providing residents with access to transit, increased opportunity for jobs and additional income for an improved quality of life,” said Aaron Miripol, President and CEO of ULC. “ULC is proud to partner with Citywide Banks, the State Division of Housing and two regional housing nonprofits who share our vision of providing these opportunities for the long term.”
The Villas at Wadsworth Station was purchased with support from a Citywide Banks $5.6 million loan and the Colorado Division of Housing, which is providing a $1.3 million, low-interest loan from the Colorado Housing Investment Fund.
This loan is the first made from the $13.2 million CHIF, funded through the $51.17 million mortgage servicing / foreclosure processing settlement recovered by the Colorado Attorney General earlier this year.
“As a locally owned bank, Citywide Banks is proud to support Urban Land Conservancy’s ongoing efforts to preserve real estate in our community,” said Chris Cerveny, Sr. Vice President of Citywide Banks.
Located at 1330 -1337 Yukon Street, The Villas include two apartment buildings and a community facility built in 1971. The property was purchased from G&S Investors LaSalle, LLC by ULC. The property has one and two-bedroom apartments. RMC will manage the property and partner with CRHDC to secure financing to purchase the property from ULC in 2014-2015.
Lakewood Ward 2 Council Members Cindy Baroway and Scott Koop represent the community where The Villas is located and are pleased that the ULC purchase ensures that residents can remain in their apartments without significant disruption.
“The arrival of light rail next to The Villas is a huge benefit to our residents,” said Council Member Baroway. “I am especially pleased that ULC is partnering with Rocky Mountain Communities to maintain an important asset for Lakewood.”
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