October 21-November 3, 2015 —
COLORADO REAL ESTATE JOURNAL
— Page 15
• Diagonal Court, 30 town-
homes in north central Boulder;
• IrisHawthorne, 14 single-fami-
ly homes in central Boulder;
• Kalmia, a 49-townhome prop-
erty in the north central part of the
city;
• Manhattan, which includes 41
townhomes and stacked flats in
southeast Boulder;
• Northport, a 50-unit senior
apartment community in North
Boulder; and
• Walnut Place, a 95-unit senior
apartment community in down-
town Boulder.
All of the properties were built
in the 1970s and 1980s. Renova-
tions will include new Energy Star
appliances, bathroom and kitchen
overhauls, open floor plans, added
storage and new lighting. Exteri-
or work will include new siding,
roofs, windows, doors and land-
scaping. Improvements will meet
the Enterprise Green Communi-
ties standards and city of Boulder
Smart Regulations.
In addition, Diagonal Court,
Manhattan andKalmiawill receive
newcommunity centers to provide
space for adult and child education
and training programs.
“Our mission is as much about
creating opportunity as it is about
providing housing,” said Martens.
“Awide variety of educational and
job training programs are offered
in the on-site community centers,”
she said. For instance, the Bringing
School Home program, developed
with the I Have a Dream Founda-
tion 18 years ago, has resulted in
a 92 percent high school gradu-
ate rate among BHP youths vs. a
control group graduation rate of 63
percent, according to BHP.
Boulder Housing Partners has
assembled $42 million for the
renovations and community cen-
ters. Funding sources include Low
Income Housing Tax Credit equity
and private activity bonds. Part-
ners in the projects include the U.S.
Department ofHousingandUrban
Development, Colorado Depart-
ment of Local Affairs, Colorado
Housing and Finance Authority,
EnterpriseCommunity Investment
and First Bank.
PalaceConstructionisthegeneral
contractor for the projects. Caddis
Architecture and EJ Architecture
are handling architectural design.
According to Boulder Housing
Partners, Boulder has lost an aver-
age of 471 units of market afford-
able rental housing annually over
the last 12 years. If current trends
continue, it said, the city will have
no affordable housing for house-
holds with annual incomes under
$50,000 by 2020, except for those
homes in the city’s permanently
affordable housing programs.
s
Premier development opportunity awaits
BUILDING
LOVELAND
The City of Loveland is seeking a development partner to bring a years-in-the-
making downtown vision to life. Our request for proposals describes the elements
that the City would like to bring to the “South Catalyst Project.”
Factors that will shape a prospective development partner’s decision include:
• A growing population base.
• A solid core of new and vibrant restaurants, retail services and employment.
• Broad and enthusiatic public support.
• New arts-centered developments that add to the character of downtown.
• A well-developed strategic plan focused on reinvestment.
Most importantly, the City of Loveland owns the 3.9-acre subject property, cover-
ing nearly all of two city blocks. The city-owned properties are strategically locat-
ed to maximize chances for successful redevelopment and revitalization.
BHP
Northport is among six properties that will undergo extensive renovations.
The Province and its amenities,”
said Scott Barton, EdR vice presi-
dent of acquisitions and develop-
ment.
Located at 950 28th Street Front-
age Road in Boulder, the prop-
erty is highly visible and distin-
guished by the former church,
which was redeveloped into a
fitness center and clubhouse with
a kitchen, tables, large-screen tele-
vision, pool table and computer.
The building also houses the leas-
ing and management team.
The Province was 100 percent
occupied at the time of the sale.
Featuring a mix of fully fur-
nished two-, three- and four-
bedroom units with private
bathrooms, The Province offers
fully equipped kitchens and cable
television, as well as community
Wi-Fi, covered parking, outdoor
space and a rooftop terrace.
There are 84 units, the majority
of which have four bedrooms and
four baths. Rents start at $954 per
bed for four-bedroom units, with
two-bedroom units commanding
$1,210 per bed, according to The
Province website.
Kevin Larimer, a partner and
national director of student hous-
ing for Berkadia, represented the
seller in the transaction.
EdR is a self-administered and
self-managed real estate invest-
ment trust that owns or manages
approximately 80 communities
with nearly 42,000 beds serving
52 universities in 23 states.
Other News
n
Nutrislice,
a company that
makes school menus and nutri-
tional information easily view-
able on computers, smartphones
and tablets, signed a lease for
11,144 square feet of office/flex
space in Interlocken Advanced
Technology Environment.
Having outgrown its existing
space in Interlocken, the company
will expand and relocate into 295
Interlocken Blvd., Suite 100, in
Broomfield by February, accord-
ing to
Hunter Barto
of
Dean
Callan & Co.,
who represented
Nutrislice in the transaction.
Ryan Good
of
Etkin Johnson
Real Estate Partners,
which
owns the property, represented
the landlord in the transaction.
s
Province
