Date of Release:
Denver, CO - Community Housing Concepts, a Denver, CO based non-profit organization, recently acquired the Cottonwood Apartments located at 1650 Encanto Place, Montrose, CO. The Cottonwood Apartments include 60 multi-family units designated as Section 8, affordable housing.

Community Housing Concepts (CHC) is dedicated to providing safe, decent, and affordable housing options for its residents and revitalizing low income communities.  CHC owns thirteen low income communities, including Low Income Housing Tax Credit and Section 8 properties, with over 1300 units in five states.  

Hud Karshmer, President of CHC, expressed the organization's “strong commitment to working closely with the Montrose community to ensure that the property provides quality housing to the residents.”  CHC also set up a Community Advisory Board at Cottonwood comprised of a resident-elected Tenant Council and plans to work with residents to identify long-term improvements which might be made to the property.  CHC will invest a total of $1.5 million in rehabilitation to the property including a new roof, windows, and general upgrades and replacements within individual units to start around the first of the year.

Steele Properties served as acquisition advisor to CHC on the transaction.  Chad Asarch, a principle at Steele Properties stated: “We were pleased to assist with this acquisition and help structure the acquisition to significantly reduce the debt burden on the property while providing funds to finance the substantial rehabilitation of the community.”  Steele Properties and its principals have facilitated the acquisition of twenty properties in transactions worth almost $140 million.

As part of its commitment to low income housing, CHC has agreed to keep the Section 8 Low Income Housing Tax Credit (LIHTC) property affordable and ensure that ownership will remain with a non-profit organization for the next 50 years.

CHC has selected the Monroe Group, Ltd. to serve as the property management company for Cottonwood.  Monroe Group, Ltd. manages 23 multi-family properties totaling 2,084 units.  Its portfolio includes Project Based Section 8, LIHTC and mixed-income developments in Colorado, Indiana, Texas, North Carolina and Missouri.  Monroe Group also manages the Sunshine Peak Apartments in Montrose, CO.

For More Information Contact:
Diana Heinicke
Community Relations Manager, CHC
Diana@CommunityHousingConcepts.org
(p) 303-322-8888