Pedcor submits plans for 250-unit affordable apartment complex in Fort Collins

FORT COLLINS — Indiana-based Pedcor Cos. has submitted conceptual plans to the city of Fort Collins to construct a 250-unit affordable apartment complex on vacant land at 6740 S. College Ave.

Patrick Stoffregen, Pedcor’s vice president of development, said the plans are preliminary. As the company moves through the planning process and learns more about the city’s building requirements, including setback requirements and number of units per building, it will determine if the project is financially feasible.

“If we need to adjust our plans, we may or may not be able to move forward with the project,” Stoffregen said Wednesday.

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Pedcor has a similar project under construction in Loveland — the 224-unit Ashley Estates at 657 W. 64th St. Stoffregen expects those affordable apartments will be ready to move into by August. In addition to the living units, the complex has a clubhouse, swimming pool, and fitness and business centers.

Stoffregen said Pedcor, as it did with Ashley Estates, will look to the Colorado Housing and Finance Authority, tax credits and loans through the U.S. Department of Housing and Development, or HUD, to help finance the project. The rental rates will be restricted to tenants whose income is 60 percent of the average medium income in the area, he said.

Pedcor has approximately 15,000 affordable units nationwide.

“We have a business model to build where units will be leased. … In Colorado, vacancy rates have been below 3 percent for years,” Stoffregen said.