John Rebchook is a former Rocky Mountain News reporter with more than 30 years of experience in writing and communications... The city of Loveland paid $5.3 million for the Creekside Garden Apartments in the northern Colorado city, which will be owned and operated by its local housing authority.
The seller was Community Housing Concepts, a Denver-based non-profit organization. The sales price included about $1.5 million in construction costs to renovate the property.
The sale represents one of the first low- income housing tax credit projects in Colorado to draw down and spend Tax Credit Exchange Program dollars made available by the American Recovery and Reinvestment Act of 2009.
Creekside Gardens, which now will be known as Orchard Place, is a low-income project-based section eightmulti-family development at 231 Elder Drive, Loveland.
The Loveland Housing Authority, which will own and manage the property, strives to expand housing resources available to residents of Loveland and assure that these residents have access to safe and decent housing.
Given the property’s need for rehabilitation, Community Housing Concepts agreed to transfer ownership of the project to the Loveland Housing Authority, in whose geographic jurisdiction the project is located, to help facilitate the renovation of the project using low income housing tax credits. CHC provided seller financing to assist with the transaction and thus will maintain a role in the project to help ensure the successful renovation and operation of the property.
Steele Properties served as transaction advisor on the deal. Steele Properties and its principals have facilitated the contracts of twenty properties in transactions worth almost $140 million.
“We are very pleased to partner with the Loveland Housing Authority on this transaction that will result in much needed rehabilitation of the property and further our mission of preserving and revitalizing affordable housing units,” said Hud Karshmer, presdient of CHC.
CHC’s mission is to increase housing opportunities available to low-income families and individuals by creating, acquiring, rehabilitating and preserving affordable housing units.
CHC also is committed to promoting neighborhood stabilization and revitalization efforts by improving the quality and availability of housing alternatives for people with limited means. CHC has invested almost $60 million in multi-family and senior affordable housing units, including more than $12 million in rehabilitation efforts. CHC owns 13 affordable communities around the country totaling almost 1,300 units, including five tax credit projects.
Contact John Rebchook at JRCHOOK@gmail.com or 303-945-6865.
So this property sold on October 31, 2007 for $1.1 million and now warrants $3.8 million? Was an appraisal done on the property? Seems fishy to me.
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