LAKEWOOD, Colo., Dec. 7, 2012 /PRNewswire/ -- The Urban Land Conservancy (ULC) purchased a 100-unit rental property located at the Wadsworth Light Rail Station on the West Corridor of FasTracks to preserve workforce housing near public transportation. This housing preservation is ULC's largest real estate transaction to date and their first acquisition in Lakewood, Colorado. ULC is partnering with Rocky Mountain Communities (RMC) and Colorado Resources & Housing Development Corporation (CRHDC) in the management and eventual transfer of property ownership. This purchase is the first step in making a case for a regional transit-oriented development fund that will preserve affordable housing and other community assets at transit sites.
"It is critical to preserve quality workforce housing at transit sites during the build out of FasTracks, providing residents with access to transit, increased opportunity for jobs and additional income for an improved quality of life. ULC is proud to partner with Citywide Banks, the State Division of Housing, and two regional housing nonprofits who share our vision of providing these opportunities for the long term," stated Aaron Miripol, President and CEO of ULC.
The Villas at Wadsworth Station was purchased with support from a Citywide Banks $5.6 million loan and the Colorado Division of Housing, which is providing a $1.3 million, low-interest loan from the Colorado Housing Investment Fund (CHIF). This loan is the first made from the $13.2 million CHIF, funded through the $51.17 million mortgage servicing / foreclosure processing settlement recovered by the Colorado Attorney General earlier this year.
"As a locally owned bank, Citywide Banks is proud to support Urban Land Conservancy's ongoing efforts to preserve real estate in our community," commented Chris Cerveny, Sr. Vice President of Citywide Banks.
Located at 1330 -1337 Yukon Street, The Villas include two apartment buildings and a community facility built in 1971. The property was purchased from G&S Investors LaSalle, LLC by ULC for $7 million, and is comprised of one and two-bedroom apartments. RMC will manage the property and partner with CRHDC to secure financing to purchase the property from ULC in 2014-2015.
Lakewood Ward 2 Council Members Cindy Baroway and Scott Koop represent the community where The Villas is located and are pleased that the ULC purchase ensures that residents can remain in their apartments without significant disruption. "The arrival of light rail next to The Villas is a huge benefit to our residents," said Council Member Baroway. "I am especially pleased that ULC is partnering with Rocky Mountain Communities to maintain an important asset for Lakewood."
Established in 2003, ULC is a nonprofit organization that uses real estate as a tool to benefit urban communities. ULC acquires, preserves and develops real estate for urban assets such as workforce housing, nonprofit office space, community centers and schools. www.urbanlandc.org
Urban Land Conservancy
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SOURCE Urban Land Conservancy