Academy Place Apartments Ribbon Cutting
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 features 50 one-, two-, and three-bedroom apartments, all at varying levels of rent subsidy that features community space, open space for outdoor activities, and ample parking. Each unit has many amenities that are not typically seen in affordable rental housing units in Broomfield, including a patio/balcony for each unit, efficient heating and cooling systems, dishwashers, microwave ovens, refrigerators with freezers, garbage disposals, self-cleaning ovens, and in-unit washer and dryers. All appliances are Energy Star rated. Some of the project amenities include a community room, an on-site manager, an outdoor community garden, a business center, a fitness room, and a children’s play area. Academy Place will also enforce an on-site no-smoking policy.
Within the building, high efficiency systems have been incorporated to promote less consumption of natural resources and provide lower utility bills to residents. This includes the heating and cooling systems, building insulation design, window efficiencies, Energy Star rated appliances, water conserving fixtures, and Energy Star lighting or LED fixtures. Residents will also enjoy a healthy living environment because of Academy Place’s use of green and healthy materials whenever possible, including low or no volatile organic compounds (VOC) products, formaldehyde-free lumber goods, and sustainably designed materials throughout the development.
Academy Place will also provide services to residents free of charge such as financial literacy, transportation services, and job skills workshops. Broomfield FISH, a non-profit organization and member of the Family Resource Center Association, will spearhead the services.
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.