Preservation Equity Fund Advisors has purchased The Village at Arvada, a 232-unit fully affordable and age-restricted community in Arvada, Colo. PEF also assumed a HUD loan having a 2.15 percent interest rate and 33 years until maturity. Hendricks Communities was the seller, according to Yardi Matrix data, and NorthMarq Capital originated the $27.5 million loan two years ago.
The new owner plans to invest approximately $1 million in capital improvements, with upgrades including siding repairs, asphalt, new appliances, exterior paint, new furniture and flooring.
The affordable senior housing community came online in phases, between 1998 and 2003, with the help of low-income housing tax credits. Previously named Columbine Village, the property caters to residents 62 and over and has units reserved for those earning below 40, 45, 50 and 60 percent of the area median income, with 18 units set aside for tenants with disabilities. The buildings at The Village at Arvada are governed by a LIHTC LURA with the Colorado Housing and Finance Authority.
The property encompasses four buildings with one- and two-bedroom floorplans ranging between 540 and 700 square feet. Common-area amenities include a fitness center, a clubhouse, a library, a game room, computer rooms, a courtyard, barbeque areas, laundry facilities, garages and parking spaces.
Senior affordable housing in Jefferson County
The Village at Arvada is located in Jefferson County, at 7901 W. 52nd Ave. The property is situated near the intersection of interstates 70 and 76 and Route 121. The community is within walking distance of several retail centers, dining options and entertainment venues.
The senior community marks PEF Advisors’ third asset acquisition in Colorado. The company has also recently purchased a 92-unit fully affordable, age-restricted community in Kent, Wash., and a 198-unit age-restricted and fully affordable property in Homewood, Ill.
