Edgemark Communities, the affordable housing division of Edgemark Development, has acquired the Residences at Franklin Park in Denver, Colorado. The Residences is a 92-unit affordable seniors housing project, and was purchased for $22 million, or $239,100 per unit, as Edgemark Communities’ first acquisition in Colorado.
The 10-story building currently has 98% occupancy and features studio and one-bedroom apartments across its 55,493 square feet. HUD provides subsidies to the community, and Edgemark renewed the property’s housing assistance payments contract for 20 years.
Built in 2008, the community was sold by Minnesota-based not-for-profit American Baptist Homes of the Midwest. Edgemark plans to upgrade interior units and make aesthetic improvements to the lobby and gathering areas.
Rick Sapkin and Aaron Metz, managing principals at Edgemark, have grown the firm’s affordable housing practice across the Midwest and the South, with properties in Kansas, Nebraska, Oklahoma, Texas, Missouri, Arkansas and now Colorado. They are planning to look into more affordable housing opportunities in Denver, including converting buildings and building new housing.
