Prairie Sun Apartments

1001 Mountainview Avenue, Fort Lupton, CO 80621
Status: Available
Year Built: 2004
Price: UNRPRICED OFFERING
For more information please contact:
jeff@lihtcadvisors.com
# of Units: 50
# of Buildings: 4
# of Stories: 2
Rentable SF: 40,042
Lot Size: 4.51 Acres
Density: 11.09 Units/Acre

Highlights:

  • Weld County Experienced over a 22.88% AMI Jump and a 29.33% FMR Increase Since 2016
  • Includes the Adjacent 1.7 Acre Parcel of Land with the Potential for 38 Additional Units
  • Very Low Historical Vacancy with a Trailing-12 Rate (as of April 2020) below 1.0%
  • Fort Lupton’s 2019 Unemployment Rate was 2.7%

Description:

Prairie Sun Apartments is a 50-unit affordable housing community located in Fort Lupton, CO. The property was built and placed in service in 2004 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. The property is located in a quiet neighborhood within walking distance to Twombly Elementary school and is within minutes to retail, local employment, and other area amenities.

There is an existing regulatory agreement in place which states that four of the units must be rented to tenants earning no more than 30% of the Area Median Income (AMI), 19 units must be rented to tenants earning no more than 40% of the AMI, and 27 units must be rented to tenants earning no more than 50% of the AMI. The property is beyond the initial tax credit compliance period.

Prairie Sun offers one, two, and three bedroom apartment homes featuring washer/dryer connections, a full kitchen appliance package, and on-site laundry facilities.

Fort Lupton, CO is located in Weld County, 30 miles north of Denver, and has a population of 7,377. Fort Lupton anchors the eastern side of a triangle with Boulder and Longmont, and is conveniently close to two of Colorado’s major highways. A drive to Denver’s International Airport takes only 30 minutes.

Fort Lupton is home to Aims Community College, which is a is a two-year college with an enrollment of 4,955 students, serving northern Colorado with four locations in Greeley, Windsor, Fort Lupton, and Loveland.

The major employment industry in Fort Lupton is commercial and institutional building construction. Other top employment sectors include corporate, subsidiary and regional managing offices, support activities for oil and gas operations, and turbine and turbine generator set units manufacturing. Fort Lupton is located near the center of the Wattenberg Oil and Gas Field. With convenient access to Highway 85, workers are able commute to those job-sites easily. Nearly all major oil and gas companies have operations in the Wattenberg Field and are continuing to expand production, even as other areas of the country are beginning to slow.

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