City of Boulder allocates $8.25M toward affordable-housing conversions

BOULDER — The city of Boulder on Thursday said it has allocated $8.25 million to Element Properties and Allison Management to acquire 203 apartment units that will be added to the city’s affordable-housing stock.

The buildings that will be acquired are the 52-unit Osage 100 Apartments at 4990 Osage Drive, 4825 Thunderbird Circle and 4927 Thunderbird Circle, and the 151-unit Thunderbird Apartments at 4917 Thunderbird Drive. Both properties offer a mix of one-, two- and three-bedroom apartments.

The total cost of development for the two properties is estimated to be $48 million. The city’s participation will cover 17 percent of the acquisition…