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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.