The nonprofit housing agency Brothers Redevelopment paid $5.1 million for the 81-unit William Tell apartment community in Uptown, continuing itss efforts to provide affordable housing available for low-income and disabled residents.
Brothers leveraged a $917,500 grant from the Mennonite Housing Development Corp. and worked with FirstBank and Funding Partners to purchase the 47-year-old building at 1599 Williams St. The building includes studios and one- and two-bedroom subsidized units for qualified low-income tenants.
“Both Brothers and the MHDC were anxious to acquire a complex located in an area that is beyond the financial reach of many low-income senior and disabled residents,” said Mary Ann Shing, Brother’s president. “Through this partnership-driven purchase, we’re able to ensure that William Tell residents won’t have to worry that the building might be redeveloped or converted to market-based condominiums.”
The nonprofit MHDC made the grant available to Brothers after selling its HUD-assisted Yarrow Gardens Apartment complex in Arvada. The MHDC worked with HUD to redirect proceeds from the sale toward the preservation and rehabilitation of affordable housing in the Denver metro area.
“We are pleased we could assist BRI to preserve this valuable property,” said Jim Banman, MHDC’s president. “Our mission of providing decent, safe and affordable housing continues under BRI’s able leadership.”
Just a block from East Colfax and 17th Avenue commercial corridors, William Tell is centrally located and offers its tenants convenient access to transportation, shopping, dining and entertainment.
It is also one of the few affordable housing options available to low-income, senior and disabled families in the neighborhood. To preserve such accessibility and affordability, Brothers Redevelopment has quietly worked to increase its portfolio in Capitol Hill and other nearby neighborhoods.
Brothers Redevelopment apartment portfolio
In 2006, the agency acquired the Garfield Apartment complex at 2830 Garfield St., just north of Denver’s City Park. Two years later, the agency purchased the nearby 54-unit Corona Residences at 1445 Corona St. The agency also owns the 8-unit Clayton Street Residences at 1455 Clayton St., in the heart of Capitol Hill.
The acquisition of William Tell increases to 12 the number of federally subsidized independent living complexes that Brothers owns and operates in the Denver area. Collectively, Brothers now makes 576 affordable housing units available to low-income residents. All Brothers-owned sites are regularly inspected and audited to ensure sound stewardship, routine maintenance and ongoing capital improvements.
Offered at 30 percent of a qualified applicant’s adjusted income (per federal guidelines), all of the agency’s properties feature a wide-array of amenities, including energy-rated appliances, inviting common spaces and off-street parking. Where applicable, the agency also works with resident leaders to establish a variety of recreational and wellness activities.
“Resident comfort, curb appeal and federal compliance are our top priorities,” Shing said. “Our tenants and neighbors will see our pride in operation and ownership.”
For more information about Brothers Redevelopment’s independent living complexes for senior and disabled residents or to request an application, call 303-202-6340 or visit www.brothersredevelopment.org.
To see what is available for sale in the Capitol Hill area, please visit this COhomefinder.com link. Contact John Rebchook at JRCHOOK@gmail.com
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