Toscana Apartment Homes
Investment introduction paragraphs
Maiker Housing Partners (“Maiker”), an affiliate of the Adams County Housing Authority
Toscana Apartment Homes is a 252-unit property located in Westminster, Colorado, an inner ring suburb of Denver. The property’s amenities include a swimming pool, computer center, pet park, and community room. The total acquisition cost was approximately $42 million. The property currently operates under the Low Income Housing Tax Credit program and serves residents at 50%, 55%, and 60% AMI. Current affordability restrictions will remain in place until at least 2035.
CDT invested $8,015,000 for a 75% interest in Toscana Apartment Homes through a joint venture with Maiker Housing Partners, a non-profit affiliate of the local housing authority. First mortgage financing was provided through a new 10-year Freddie Mac loan.
Through a competitive RFP process, Maiker chose to partner with CDT to finance this acquisition and assist in executing a purchase option that Maiker held under prior ownership. Under our joint ownership, CDT and Maiker will increase the proportion of units serving very low-income (50% AMI) households and capitalize nearly $2 million ($7,800/unit) in immediate repairs and capital reserves to ensure that the property is preserved as high-quality affordable housing for years to come.
CDT’s investment will enhance affordability and provide affordable housing within a reasonable distance from employers in the region, including Amazon, Ball Corporation, Kroeger’s, Walmart, and the Thornton and Westminster municipal governments. There are also plans for a FasTracks commuter rail station which will provide improved access beyond the immediate area.