The Michaels Organization, Element Properties, and Allison Management Complete Transformation of Three Communities Preserved as Affordable Housing
The Nest, Osage, and Thunderbird Apartments in Boulder Now Leasing
Boulder, CO, June 7, 2017 (Newswire.com) - With all renovations complete, leasing is now in full swing and apartments are available for rent at Boulder’s newest affordable housing communities.
Known collectively as “The Nest Communities,” The Nest on Osage, The Nest on Thunderbird, and The Nest on 30th, have been completely modernized inside and out, with beautifully updated kitchens and bathrooms, new flooring, and new energy-efficient building systems. Fresh upgrades to the exteriors provide great outdoor space for residents to savor breathtaking views of the Flatirons.
The redevelopment of the 150-unit Nest on Osage and the 52-unit Nest on Thunderbird in South Boulder and the Nest on 30th, which has 36 units, in Central Boulder was led by The Michaels Organization, Element Properties, and Allison Management, with significant support from the City of Boulder.
“The creation of the Nest Properties has been a tremendous opportunity to partner with private partners to implement a key City strategy of preserving existing housing into permanent affordable housing. It’s a real win for our community,” stated Kurt Firnhaber, Deputy Director of Housing.
All three communities are in desirable neighborhoods and near public transportation, shopping, and employment opportunities. The properties include studios, one-, two-, and three-bedroom apartments, making them attractive to both families and individual households.
The Nest Communities have been important housing resources in Boulder for many years, but the acquisition by Michaels, Element, and Allison ensured that the properties are preserved for long-term affordability in an area where rents are growing rapidly.
“Element Properties is proud to partner with the City of Boulder to preserve much-needed affordable housing in our community,” said Catherine Bean, Director of Development at Element Properties.
Apartments are available to families and individuals earning 60 percent or less than the Area Median Income.
“It’s a privilege to work in a city that is so committed to providing high-quality, sustainable affordable housing,” said John J. O’Donnell, President of The Michaels Organization.
The City of Boulder contributed $10.75 million to the acquisition of all three properties. Additional financing included $20.4 million in private equity raised through the sale of federal Low Income Housing Tax Credits. The tax credits were bought by US Bancorp Community Development Corporation, a division of U.S. Bank. Together, Google and Red Stone Tax Exempt Funding invested $41.7 million in construction and permanent mortgage capital by purchasing state issued tax-exempt bonds.
Google employs several hundred employees at its Boulder offices, and is well-known for investing in high-quality affordable housing developments across the country.
"It's exciting to see the vision for the Nest Communities come to life,” said Scott Green, site lead for Google Boulder. “Google is proud to support Michaels, Element, Allison and the City of Boulder in their work to make sustainable, affordable housing available to more people and families throughout the community."
Boulder-based Coburn Design served as the architect, and Lakewood-based Pinkard Construction served as the Construction Manager/General Contractor. Both partners worked hard to create great space for residents.
More than $45,000 of improvements has been made to each unit. All three communities are being managed by The Michaels Organization’s Interstate Realty Management Company, which will ensure that the communities remain quality neighborhood assets for the long-term.
About Nest Communities
Please visit www.affordableboulder.com to learn more about availability at the Nest Communities.
About The Michaels Organization
The Michaels Organization, a family of independent companies dedicated to excellence in affordable, mixed-income, military, and student housing, is a national leader in residential real estate. Serving 135,000 residents in 370 communities across 35 states, D.C. and the U.S. Virgin Islands, The Michaels Organization offers full-service capabilities in development, property and asset management, construction, mortgage finance and tax credit syndication.
About Element Properties
Element Properties is one of the most respected real estate development companies in Boulder County and the Front Range region, with a focus on infill housing, affordable housing, and mixed-use places of exceptional value. Grounded in a healthy respect for how the built environment can impact people, their quality of life and surrounding community, Element Properties is committed to a mindful development approach that balances financial and social entrepreneurship.
About Allison Management
Formed in 2002, Allison Management is owned by Andy Allison. Mr. Allison has worked in the development and construction industry for over 25 years. Allison Management is focused on providing affordable housing options in Boulder. To date, Allison has developed over 200 affordable units.
Source: The Michaels Organization