Widgetized Section

Go to Admin » Appearance » Widgets » and move Gabfire Widget: Social into that MastheadOverlay zone

Eagle County Housing and Development Authority enters into listing agreement for Lake Creek Village Apartments

June 28, 2021, 11:10 am

The Eagle County Housing and Development Authority last week issued the following press release on entering into a listing agreement with Colliers International for the Lake Creek Village Apartments:

Eagle County Housing and Development Authority has entered into a listing agreement with Colliers International for Lake Creek Village Apartments in Edwards, Colorado.

The intention of this listing is to determine which partners are available in the marketplace. The county is looking for a creative partnership that would allow the Housing Authority to utilize its equity in Lake Creek to create additional affordable housing units. A request for proposals is offered to potential partners within this listing.

The Housing Authority’s first priority is to serve the 975 current residents living in the 270 units at Lake Creek. The listing requires a partner to keep the rental rates at 75% of area median income within a future partnership. The importance of long term affordability is the Authority’s highest priority.

The listing will allow the Housing Authority’s due diligence and to gauge other interest in potential partnerships. No decision has been made on the outright sale of Lake Creek. It is expected that a partnership would continue to include the Eagle County Housing and Development Authority in some capacity. 

Funds from a partnership would be used to invest in additional inventory for future housing investment in Eagle County.

“The Eagle County Housing and Development Authority has worked tirelessly making Lake Creek Village Apartments a desirable place to live for residents,” said Kim Bell Williams, Executive Director. “In the past six years, over $9.75 million dollars have been reinvested into the property through new energy-efficient boilers, siding, insulation, doors, windows, playgrounds, and an expanded community clubhouse. With the nature of today’s real estate market, we are confident that a partner can be found who values affordable housing, continues to improve the property and provides the Housing Authority with capital to reinvest in new affordable housing within Eagle County.”

The property includes 270 units rented at affordable rental rates of approximately 70% of area median income. Lake Creek was built in 1993, and includes 30 one-bedroom ($1,225/month), 152 two-bedroom ($1,475/month), and 88 three-bedroom ($1,700/month) units, with rental rates including utilities, in 34 two-story buildings on approximately 30 acres with 46 garage buildings and 270 garage stalls. Approximately 975 people live at Lake Creek Village Apartments, and a consistent waitlist remains from six months to two years, with the three bedroom units being the most desired unit type with growing families looking for additional space.

More detailed information on the listing can be found on the website, lakecreekvillage.co or by calling Colliers International listing agents Bill Morkes, Craig Stack or Keegan Hofer at 303-283-4583 for Morkes and 720-833-4602 for Stack.

3 Responses to Eagle County Housing and Development Authority enters into listing agreement for Lake Creek Village Apartments

  1. Joanne Rock Reply

    June 28, 2021 at 9:16 pm

    Why not do a cash out refinance outright ?

    How do your rents compare with the 75% of medium you wish to get from s new partner ?

    Has this project idea been open to public discussion ?

    When did this idea pop up ? Whose idea was it ? Was it ever listed on the BOCC agendas?

  2. rocco Reply

    July 13, 2021 at 11:22 am

    All good points.

    Cash out refi appears to make sense, but government operators are ALWAYS less efficient than private owners.

    Based on the latest CHFA rent/income limits, the current quoted rents are deemed affordable to household earning 65.5% of area median income (AMI). If a new owner can charge rents at 75% of AMI, then rents could conceivably increase by 14.5%.

    Another factor to consider is that the property is currently tax exempt, so the property is not paying its fair share of taxes, which would be $209,000 for 2021. If the property is sold outright, then the new owner would presumably start paying taxes, which is a good thing, but this would also decrease the property value by roughly $4 million. On the other hand, if the Housing Authority retains a partial ownership interest, and simply brings in a JV equity partner, they might get more money out of the deal, because they can effectively capitalize that tax exemption and “sell” it to their new partner.

  3. Joanne Rock Reply

    December 6, 2021 at 7:12 pm

    When did Eagle County last buy this ?

    What happened to the $30 million in proceeds from the prior sale to Corum ?

Leave a Reply

Your email address will not be published. Required fields are marked *