Housing Partners buys new apartments
The complex, named WestView Apartments, is at 4600 Broadway and was purchased for $5.28 million.
Boulder Housing Partners will offer the one-, two- and three-bedroom units at below market rates, and tenants must meet the organizations' income restriction guidelines, director of development Stuart Grogan said.
The project was built with financial support from the developers of the Two Nine North development in Boulder to meet the city's requirements for permanently affordable housing, Grogan said. Boulder Housing Partners acquired the property at substantially below market rate, he said.
Builders are still putting a few finishing touches on the property, which should be ready for tenants to move in this November, he said.
The WestView apartments will improve Boulder Housing Partners' portfolio of properties by offering options to Boulder residents who earn too much to qualify for other types of subsidized housing but cannot afford market rate units, Grogan said.
"To have this balance is a really nice thing for us," Grogan said.
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