Date of Release: 1/1/10

Denver, CO - Community Housing Concepts, a Denver, CO based non-profit organization, recently completed the sale of the Creekside Garden Apartments to the Housing Authority of the City of Loveland.  The total transaction was valued at $5.3 million, which includes approximately $1.5 million in construction costs to renovate the property.  The project was one of the first low income housing tax credit projects in the state of Colorado to draw down and spend Tax Credit Exchange Program dollars made available by the American Recovery and Reinvestment Act of 2009.

Creekside Gardens, which now will be known as Orchard Place, is a low-income project-based section 8 multi-family development located at 231 Elder Drive, Loveland, Colorado.  The Loveland Housing Authority, which will own and manage the property, strives to expand housing resources available to all residents of Loveland and assure that these residents have access to safe and decent housing.      

Given the property’s great need for rehabilitation, Community Housing Concepts (CHC) agreed to transfer ownership of the project to the Loveland Housing Authority, in whose geographic jurisdiction the project is located, to help facilitate the renovation of the project using low income housing tax credits.  CHC provided seller financing to assist with the transaction and thus will maintain a role in the project to help ensure the successful renovation and operation of the property.

Steele Properties served as transaction advisor on the deal.  Steele Properties and its principals have facilitated the contracts of twenty properties in transactions worth almost $140 million. 

Hud Karshmer, President of CHC, expressed the organization's satisfaction with the sale stating “we are very pleased to partner with the Loveland Housing Authority on this transaction that will result in much needed rehabilitation of the property and further our mission of preserving and revitalizing affordable housing units.”

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