BROOMFIELD, Colo., April 26, 2022

The Summit Family of Companies celebrated the grand opening and ribbon cutting ceremony for Academy Place Apartments today at 11:00 am at 7105 W. 120th Ave., Broomfield, Colo. This beautiful, newly constructed 50-unit apartment community is the first affordable low-income family apartment development to be built in Broomfield in over 22 years. The significance of Academy Place is that it moves the city closer to reducing the 1,286 affordable rental unit gap for renters earning less than $20,000 per year.

The ceremony was held at the entrance to the building, and community tours followed the ceremony. Remarks were given by Scott Long, Owner and Chairman of The Summit Family of Companies; Paul Capps, President of The Summit Family of Companies; London Lomax, Vice President, Chief Strategic Advisor Health Benefits, Aetna, a CVS Company; Guyleen Castriotta, Mayor of Broomfield; Heidi Henkel, Broomfield Councilmember for Ward 5 and Head of the Broomfield Afghan Refugee Task Force; and Steve Johnson, CHFA. Food was also provided, courtesy of Taco Bron.


Academy Place is in an excellent location in the heart of Broomfield and is within a mile of almost all essential services, job opportunities, and schools, making it an ideal home for families. The total development cost for Academy Place was $17.3 million. Hunt Capital Partners provided the $11.4 million in 9% federal low-income housing tax credit equity financing through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 37. The fund includes eight investors, including Aetna, a CVS Health company, who is also working closely with Broomfield FISH to offer several health and wellness resources to residents.

“We know that when people have access to housing, they’re able to improve their overall health and well-being,” said London Lomax, Vice President and Chief Strategic Advisor at Aetna, a CVS Health company. “That’s why we’re committed to addressing housing insecurities at the local level through investments like Academy Place and providing people with resources that can help them achieve better health and create positive change in their lives.”


“Hunt Capital Partners recognizes the need for affordable living for the families of Broomfield, Colorado,” said Amy Dickerson, Managing Director, Investor Relations at Hunt Capital Partners. “We are pleased to partner with The Summit Companies in the creation of 50 new energy efficient affordable homes with additional amenities that make healthy living accessible. When families spend less on housing-related expenses, they then have more freedom for everyday essentials such as food, clothing, activities, and education. In times like these, where costs are rising rapidly, affordable housing is even more essential.”

In addition to the LIHTCs, other funding sources included a $12.95 million construction loan from BBVA USA; a $5.1 million permanent loan from the Rocky Mountain Community Reinvestment Corp.; a Colorado Department of Housing Loan in the amount of $500,000; and waivers provided by the City of Broomfield for $337,084. The Broomfield Housing Authority also provided a real estate tax- exemption.