Summit Apartments
Investment introduction paragraphs
Partners
Volunteers of America National Services & Colorado Springs Housing Authority
Highlights
The Summit Apartments is a 256-unit property located in Colorado Springs, Colorado. The property’s amenities include a fitness center, swimming pool, tennis court, basketball court, playground, and community room. The total acquisition cost was approximately $10 million. The property serves residents at 50% and 80% AMI levels through a partnership with the Colorado Springs Housing Authority.
CDT invested $2,070,677 for a 90% interest in the Summit Apartment through a joint venture with Volunteers of America National Services & Colorado Springs Housing Authority. First mortgage financing was provided through a new 10-year Freddie Mac loan.
Impact
CDT’s investment in the Summit Apartments supports long-term affordability and stability for 256 families in Colorado Springs, a market facing growing housing pressures. The community’s amenities, including fitness and recreation facilities, playgrounds, and gathering spaces, promote resident well-being and engagement, echoing the efforts of CDT’s project partners, Volunteers of America National Services and the Colorado Springs Housing Authority, who are committed to providing stable affordable housing and vital community services.