Real Estate & Construction  March 24, 2017

Boulder Housing Partners closes $46.5M deal for Tantra Lake Apartments

BOULDER — Boulder Housing Partners has acquired a 185-unit apartment community in south Boulder to create a mixed-income community.
BHP, the city’s housing authority, paid $45.6 million for Tantra Lake Apartments at 1000 W. Moorhead Circle, including $7.3 million from the city of Boulder’s Affordable Housing Fund and the Community Housing Assistance Program Fund.
“The greenest, fastest and least disruptive path to achieve our community’s affordable housing goals is to purchase existing housing where the rents are appreciating at a pace far faster than income is,” Betsey Martens, executive director of BHP, said in a prepared statement. “We see this as an opportunity to put the brakes on a rental market that is escalating at a worrisome pace and leaving much of Boulder’s workforce behind. It’s an innovative partnership with the city that we hope to replicate again and again.”
Tantra Lake Apartments has one-, two- and three-bedroom units. Seventy-five apartments will be made permanently affordable for households earning up to 60 percent of area median income, and the remaining 110 apartments will be leased at rents intended for middle-income earners. Monthly rents for the 75 affordable apartments are expected to range from $1,000 for a one-bedroom to $1,400 for a three-bedroom unit.
Kurt Firnhaber, deputy director of housing for the city of Boulder, said, “The investment supports our affordable housing goals of achieving at least 10 percent of housing for low- to moderate-income residents and families, and meeting our middle income goal by creating or preserving 3,500 middle-income units by 2030.”
BHP will participate in an existing homeowner’s association and contribute to maintenance of community amenities such as an indoor pool and fitness center, Martens said.
“We will have on-site professional management to ensure that the property is maintained at a high level,” she said. BHP will replace roofs on the apartment buildings and upgrade several systems starting late this year. No current residents will be displaced, and new residents will be phased in as space is available. Affordable units will rotate within the apartment community upon vacancies, allowing for maximum flexibility for leasing the affordable units.

 

BOULDER — Boulder Housing Partners has acquired a 185-unit apartment community in south Boulder to create a mixed-income community.
BHP, the city’s housing authority, paid $45.6 million for Tantra Lake Apartments at 1000 W. Moorhead Circle, including $7.3 million from the city of Boulder’s Affordable Housing Fund and the Community Housing Assistance Program Fund.
“The greenest, fastest and least disruptive path to achieve our community’s affordable housing goals is to purchase existing housing where the rents are appreciating at a pace far faster than income is,” Betsey Martens, executive director…

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