Page 44 — Multifamily Properties Quarterly — November 2018 1125 17th Street, Suite 2540 | Denver, CO 80202 | (303) 515-8000 | *by the Denver Business Journal and Mortgage Bankers Association ** by Denver Business Journal Holliday Fenoglio Fowler, L.P. (“HFF”) a licensed Colorado real estate broker. #1 Denver-Area Commercial Mortgage Company from 2012 -2018 * #2 Denver-Area Commercial Real Estate Brokerage Company in 2018 ** ON THE MARKET ARCHER TOWER Property Sale Multi-housing 316 Units Denver, CO CLOSED: AUGUST 2018 COYOTE RANCH Property Sale Multi-housing 507 Units Aurora, CO CLOSED: SEPTEMBER 2018 ST. PAUL COLLECTION - 210 ST. PAUL Financing Multi-Housing/Retail 81 Units/11,000 SF Denver, CO CLOSED: AUGUST 2018 ALEXAN UPTOWN Property Sale Multi-housing 372 Units Denver, CO ON THE MARKET LORETTO HEIGHTS Property Sale Multi-housing 312 Units Denver, CO CLOSED: OCTOBER 2018 SHERATON DOWNTOWN DENVER Property Sale Hotel/Lodging 1,231 Rooms Denver, CO sawwhile on vacation in Mexico. From the southeast, because of the topogra- phy, the end of the short leg is five sto- ries high. DURA also required that a portion of the development budget be used for public art on the exterior of the building. A design competition was held among neighborhood artists, which resulted in a large, multicolored mural gracing the east end of the building. In spite of the time the project took and the many applications for zoning, issuance of the bonds by CHFA, tax credits from CHFA, construction and permanent financing, building permit, funds fromDURA, the city and county of Denver, Colorado Division of Housing and equity investment, development of the project was still worth it.When asked if he would do it again, McDer- mott said, “Absolutely! TheWestwood neighborhood desperately needed qual- ity affordable housing and the neighbor- hood support was encouraging. Most important was the support by the city of Denver, the state of Colorado, DURA, CHFA and our investor and lender part- ners. It made for a winning team and I was proud to be part of it.” s Hara Continued from Page 33 wood visitors.The proximity to transit factored into the decision to allow a reduction in the amount of parking required by Englewood’s development code. Shared parking used during the day by residential and commercial users and visitors at a 0.5:1 ratio to the former parking capacity of the site and a 1:1 evening ratio enabled the project’s financial and site development chal- lenges to be resolved. The initial success of the project has been proven. “Both residential buildings were fully leased within one month of their completion, which exemplifies the appeal of the project,” said Josh Rus- sell, director of development for Medici Development in Denver. The apartments are income-qualified and are occupied by tenants who earn an average of 60 percent of the area median income in the Denver area, or approximately $30,000 to $50,000 annu- ally.This income segment is particularly hampered in securing decent housing during this latest economic boom along the Front Range. The development of well-designed affordable housing located near transit options (bus service along Broadway and a light-rail stop four blocks west) is a challenge for communities in the Denver area due to rapid growth and limited availability of feasible land.The partnership between Medici Develop- ment, EURA and the city of Englewood enabled 111 families and individuals to find a home at Broadway Lofts. s Power Continued from Page 34 and construction by Burke Builders of Boulder will begin shortly thereafter. At this juncture, Allison Management has chosen to exit the partnership when the low-income housing tax credit investor is admitted.Thistle and AGR Development will be the co-owners of the project.We have developed 285 LIHTC homes in Boulder County and AGR adds expertise in construction management to the team.The develop- ment team plans to use us to manage the lease-up phase of the project, as well as the ongoing property manage- ment and compliance duties. Partnering successfully with several market-rate developers has allowed us to accomplish the goal of increasing affordable offerings to the community. Allison Management andThistle began collaborating in 2010. In the past seven years, the collaboration has developed 51 ownership homes, 24 of which are permanently affordable through the city of Boulder’s deed-restricted pro- gram. Allison has an extensive LIHTC portfolio, a portion of which we man- age. In addition to owning and managing 650 apartments in Boulder County, we administer a Community LandTrust of nearly 100 homes, have preserved a 135-site mobile home community, and offer third-party property management. The dearth of development possibili- ties in Boulder County led us to explore other markets and methods of provid- ing affordable homes to low-income families. Our research led us to the Res- ident Owned Communities program. ROC USA facilitates the purchase of mobile home parks by their residents, thus leading to self-governance and self-determination. In 2017, we became a ROC-certified technical assistance provider. As of October, we have five mobile home communities under contract to be purchased by their respective resident cooperatives. As illustrated by the projects and pro- grams above, there are myriad ways for an enterprising and opportunistic real estate company to increase the number of affordable housing offerings in a tight real estate market.Thistle has met the challenge and is thriving while fulfilling the mission. s Moser Continued from Page 39 Roaring Fork Apartments follows the LIHTC and Basalt Community Hous- ing Guidelines. The community guide- lines limit the maximum rent on the 12 nontax credit units (locally called “Category 3” units) to 120 percent AMI. These rents are close to market, but by tying the units to Category 3, they are affordable now and into the future to local employees such as school administrators, policemen, fire fighters and hospital workers whose incomes exceed 60 percent AMI. Because addressing this need is so important, the Colorado Housing and Finance Authority, the town of Basalt, and Aspen/Pitkin County Housing Authority provided financial support of approximately $1.38 million to the $16.5 million property. We remain very active and busy in Indiana, but Weybright’s heart is drawing her closer to Colorado to make an impact on affordable housing where it is so desperately needed. s Hilts Continued from Page 40