Preservation Equity Fund Advisors (PEF Advisors), a real estate private equity group focused on preserving existing affordable housing in high-cost markets, acquired The Village at Arvada (formerly known as Columbine Village), a 232-unit community in Arvada, Colorado. The property is PEF Advisors’ third community in Colorado, following the acquisition of two Fort Collins seniors apartment complexes in 2022.
The Village at Arvada comprises three three-story buildings and one four-story building, each with a community room, library, beauty salon, fitness center, game room, on-site laundry facilities, elevators and courtyard with BBQ areas. There are also computer rooms in three of the four buildings. Parking consists of 137 open spaces and 70 garages, which are all leasable to residents. In addition, unit amenities include a refrigerator, self-cleaning oven, dishwasher, garbage disposal, air-conditioning and balconies.
Originally developed from 1998 through 2003 with low-income housing tax credits, The Village at Arvada will be renovated by PEF Advisors, which budgeted over $1 million in total capital improvements. Updates will include exterior paint & siding repairs, asphalt, new flooring, and furniture in common areas and certain energy efficient appliance replacements.
Each building is governed by a LIHTC LURA with the Colorado Housing and Finance Authority. In total, the property is restricted to 104 units at 40% area median income (AMI), 24 units at 45% AMI, 50 units at 50% AMI, and 54 units at 60% AMI. In addition, 18 units are reserved for those with disabilities. PEF Advisors is assuming the property’s existing HUD loan that has a below-market interest rate of 2.15% and another 33 years until maturity.
