JEFFERSON COUNTY, Colo., April 20, 2023 (GLOBE NEWSWIRE) -- Preservation Equity Fund Advisors, LLC (PEF Advisors), a real estate private equity group focused on preserving existing affordable housing in high-cost markets, announced their recent acquisition of The Village at Arvada (formerly known as Columbine Village), an existing 232-unit apartment community in Arvada, Colorado. The property is PEF Advisors’ third community in Colorado, following the acquisition of two Fort Collins, Colo. senior housing complexes in 2022.
The Village at Arvada is comprised of three 3-story buildings and one 4-story building that house seniors aged 62+. Each building includes a community room, library, beauty salon, fitness center, game room, on-site laundry facilities, elevators, and courtyard with BBQ areas. There are also computer rooms in three of the four buildings. Parking consists of 137 open spaces and 70 garages, which are all leasable to residents. Unit amenities include a refrigerator, self-cleaning oven, dishwasher, garbage disposal, air-conditioning and balconies.
Originally developed from 1998 through 2003 with low-income housing tax credits, The Village at Arvada will be maintained and renovated by PEF Advisors, who have budgeted over $1M in total capital improvements. Updates include exterior paint & siding repairs, asphalt, new flooring, and furniture in common areas and select energy efficient appliance replacements.
“The Village at Arvada serves a site-specific need for affordable housing as it is ideally located within the Denver metropolitan area which has seen explosive growth over the last few years,” said Ann Caruana, President & Chief Investments Officer at PEF Advisors. “We’re pleased to help preserve the affordability of this property and provide homes that rent for nearly half of what the market otherwise charges. It’s also important to us that we re-capitalize this property and invest back into the physical plant to help maintain quality housing and instill the tenants’ pride of living here.”
The affordable housing community is situated about 10 minutes outside of downtown Denver and provides access to two of Colorado’s major economic hubs. Olde Town Arvada, the city’s historic downtown district, features a diverse array of shops, boutiques, galleries, events, restaurants, and breweries. Arvada appeals to families and seniors alike due to the many employment opportunities in the city, a rich arts and culture scene, and nearby access more than 150 miles of hiking and biking trails and other outdoor activities.
Each building is governed by a LIHTC LURA with the Colorado Housing and Finance Authority (CHFA). In total, the property is restricted to 104 units at 40% AMI, 24 units at 45% AMI, 50 units at 50% AMI, and 54 units at 60% AMI. In addition, 18 units are reserved for those with disabilities. The property is being acquired with a loan assumption through HUD that has a below-market interest rate of 2.15% and another 33 years until maturity.
About Preservation Equity Fund Advisors, LLC
Since 2016, Preservation Equity Fund Advisors, LLC (PEF Advisors) has focused on acquiring and preserving existing affordable housing in high-cost markets through private equity funding. PEF Advisors is an affiliate of the WNC & Associates, Inc. (WNC) family of companies with access to WNC’s more than 51 years’ experience in acquiring more than 1,700 properties representing $17 billion in affordable housing nationwide, including through tax credit and/or preservation equity strategies.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/63c67ec5-c897-49e2-a1a7-1b8f7c08d971
