By David Heitz / NewsBreak Denver
(Denver, Colo.) A 63-year-old building containing 325-square-foot studio apartments in Denver’s Capitol Hill neighborhood will remain “affordable” housing.
Del Norte Neighborhood Development Corporation plans to sell the property to Renewal Residences LLC. The building is located at 1135 Logan St. The city previously lent Del Norte money to acquire and renovate the building.
The City Council voted Tuesday to transfer the loan agreements to the new owner. A transfer of a 99-year covenant agreed to by Del Norte in 2007 will guarantee the building remains affordable housing.
“At 1135 Logan St. in Denver, experience stylish living,” Apartments.com boasts. “At this community, you'll have a wide selection of features and amenities including convenient on-site parking options, smoke free options, and high-speed internet access.”
'A thriving urban neighborhood'
The property also features a laundry room, according to Apartments.com. “You’ve never seen historic charm quite like this,” the Apartment.com listing states. “Denver’s famous Capitol Hill is a thriving urban neighborhood featuring stately mansions and a bohemian vibe. With local boutiques, trendy bars, and cozy coffee shops, Capitol Hill has everything and more to keep one entertained without having to leave town.”
Apartments.com lists the neighborhood as “paradise” for walkers and bikers, scoring almost a perfect 100 in both categories. The website states similar properties rent for between $900 and $1,700 per month.
According to the agreement with the city, 15 of the units will rent for market rate. The remainder of the units will be rented to tenants earning at or below 30 to 50 percent average median income, or AMI, which is about $24,650 to $41,000 annually. Tenants will pay 30 percent of their incomes for rent.