Northfield Apartments opens in Stapleton

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Northfield Apartments opens in Stapleton.

Northfield Apartments is affordable rental housing.

More than 500 people were interested in renting at Northfield Apartments.

Northfield Apartments

Northfield Apartments recently opened in Stapleton.

Demand is so great for affordable rental options in Stapleton that more than 500 people put their names on a list for the Northfield Apartments.

The 84-unit, affordable, energy-efficient project recently opened 100 percent leased in Stapleton’s Conservatory Green neighborhood

Northfield Apartments, a $19.26-million public-private project, is the first project in Denver completed using the city’s Revolving Affordable Housing Loan fund. Northfield Apartments is a public-private development at 4900 Trenton St.

The fund, created in 2015, was seeded with $6 million from the City and County of Denver, along with $3 million from the State of Colorado Department of Local Affairs and $1 million from Colorado Housing and Finance Authority. CHFA also administers the fund.

Northfield Apartment was built by the Northeast Denver Housing Center. Stapleton has partnered with that non-profit NDHC since 2007.

“When we first created the Revolving Loan Fund, supporting signature projects that could play a critical role in keeping Denver an affordable and accessible, like the Northfield Apartments, is exactly what we had in mind,” according to Denver Mayor Michael B. Hancock

“Through investments like this, we’re taking every step we can to addressing one of the most pressing problems facing Denver today,” he said.

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The apartments range in size from 1-3 bedrooms.

Monthly rents for qualified renters range from about $650 to $1,150 per month.

Units in Northfield Apartments are available to people earning 60 percent area median income

The project exceeds enterprise green standards. Green features include solar energy, high-efficiency windows, improved indoor air quality and the use of recycled products.

The Northfield Apartments is a “placed-based” development close to schools, grocery stores, shopping, entertainment options, open space and public transportation.

The development was the result of lengthy collaborative efforts of several entities—including subsidies from Forest City Stapleton, federal and state tax credits, and home funds awarded from both the City of Denver and State of Colorado.

Forest City is the developer of Stapleton.

“We applaud Mayor Hancock and the City of Denver for instituting its innovative revolving loan fund to help make Denver a more affordable city,” said Tom Gleason, spokesman for Forest City Stapleton.

“This further reinforces Forest City’s commitment to ensuring a diverse mix of affordable multi-family options through subsidies Forest City provides for each affordable home at Stapleton, whether it is our donated land, cash subsidies, or both,” according to Stapleton.

In addition to Forest City Stapleton, NDHC and the City of Denver, Northfield Apartments is a collaborative effort with First Bank, the State of Colorado CHFA.

NDHC plans to partner with local non-profits that offer resident programming to improve the lifestyle of clients. Programs could include cooking classes, after school K-12 education courses, fitness classes. The apartment community also has ample recreation space to promote an active lifestyle.

“Non-profit community development corporations like NDHC are the workhorse and critical partners to help meet the affordable housing needs in Denver,” said Getabecha “Gete” Mekonnen, the executive Director of NDHC.

“Building the units is just one part of providing the needed opportunities,” to meet the demand for affordable housing, Mekonnen continued.

“We look forward to our residents enjoying living in a well-designed, placed and managed property within close-proximity to amenities for children and adults,” Mekonnen said.

Have a story idea or real estate tip? Contact John Rebchook at JRCHOOK@gmail.com. DenverRealEstateWatch.com is sponsored by 8z Real Estate. To read more articles by John Rebchook, subscribe to the Colorado Real Estate Journal.

 

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John Rebchook

John Rebchook has more than 30 years of experience in writing and communications. As the Real Estate Editor for the Rocky Mountain News, he wrote about residential and commercial real estate for 26 years. He has won numerous awards for business stories and columns that he wrote, both as an individual and part of teams. In addition to real estate, he also covered economic development, banking and financing, the airlines, and cable TV for the Rocky. In addition, he was one of the original freelance writers for GlobeSt.com, covering commercial real estate for the Internet publication.

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