Sable Ridge Residences & Sable Ridge Apartments

15255 East 40th Ave. Denver, CO 80239
Status: Available
Year Built: 2003 & 2018
Price: TBD by Market
For more information please contact:
john@lihtcadvisors.com
# of Units: 121
# of Buildings: 2
# of Stories: 3
Rentable SF: 88,377
Lot Size: 5.3 Acres
Density: 22.83 Units/Acre

Highlights:

  • Senior LIHTC Property for Ages 55 & Older Located in Denver
  • Denver is the 19th-most Populous U.S. City and with a 17.41% Increase Since 2010, it has Been One of the Fastest-Growing Major Cities in the United States
  • Positive Job Growth of 2.6% from 2017 to 2018
  • Denver County had an AMI Growth Rate of 7.15% from 2017 to 2018 and FMR’s have Increased 8.95%
  • In 2016, Denver was Named the Best Place to Live in the United States by U.S. News & World Report & Ranked #4 by Forbes for “Best Places for Business & Careers”

Description:

Sable Ridge Residences and Sable Ridge Apartments are neighboring affordable housing communities for seniors aged 55 and older located in Denver, CO. The properties are conveniently located in the Montbello neighborhood just off of I-70 and 15 minutes from the Denver International Airport.

Sable Ridge Residences was built and placed into service in 2003 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place with the Colorado Housing Finance Authority, which requires 44 units to be rented to income qualifying tenants earning no more than 50% and 60% of the Area Median Income, with 22 units limited to each restriction. The property also includes 17 units rented under income and rent limits at 80% of the Area Median Income, however, the property did not receive tax credits for these units. The property is beyond its initial tax credit compliance period.

Sable Ridge Apartments was built and placed into service in 2018 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place with the Colorado Housing Finance Authority, which requires all units to be rented to income qualifying tenants earning no more than 60% of the Area Median Income. The property is in its initial year of tax credit delivery and is set to deliver tax credits through 2028. The Sable Ridge Apartments offering is for the Managing Member interest in the existing limited liability company. The Investor Member interests are owned by Riverside Capital, whose consent will be required for the acquisition.

The properties offer various community amenities such as on-site laundry facilities, a clubhouse with billiards, library, fitness center, elevator, controlled access, and underground parking. Unit amenities include a patio/balcony, extra storage, and washer & dryer connections.

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