Development
Lumien Apartments – Durango, CO.
Solvera completed Lumien Apartments in Durango, CO in October 2015. The 50 unit single building provides one bedroom and two bedroom units for persons and families earning no more than $44,600 per year for a family of four. Lumien completed leasing and occupancy by December 2015, well ahead of schedule. This leasing performance emphasizes the need and demand for affordable rental housing in the Durango/La Plata County area.
Financial Services
Kavod Senior Life – Denver, CO.
Solvera has teamed with City Projects to provide real estate and financial analysis services to Kavod Senior Life, formerly Allied Jewish Apartments. Kavod is an affordable senior housing provider for over 45 years. Solvera conducts analysis of various financial models for rehabilitation of existing units and construction of new units. Models include both taxable and tax exempt financing with and without Low Income Housing Tax Credits.
Preservation
Grand Valley Apartments – Grand Junction, CO.
Solvera provided Consulting Services to Housing Resources of Western Colorado, Co-General Partner, as it undertook the Year 15 repositioning of its 50 unit, townhouse style property Grand Valley Apartments. Solvera managed the processes to exit the current Low Income Housing Tax Credit Investor, exit of the previous Co-General Partner, and conducted financial analysis on and assumption of the existing loans and grants on the property.