Lakewood, CO —Pinkard Construction, with owner Security Properties and EJ architecture, has commenced construction on the $4.9 million Village Crest Affordable Apartments renovation/addition in Commerce City.
The 19-year old, 120-unit facility, which consists of seven, two and three-story buildings with one, two and three-bedroom apartments, is being renovated on a rolling-occupancy basis. The renovation plan, developed with input from Security Properties and the architect, includes affected residents leaving each day of scheduled construction. At the end of each day, prior to each resident’s return, Pinkard is ensuring that each affected apartment is in a code compliant/livable state. Construction on each apartment is expected to last seven consecutive working days.
All units will receive new kitchen, corridor, and bathroom flooring; new kitchen and bathroom countertops and cabinet faces; new appliances, light fixtures and smoke and carbon monoxide detectors; new fan coil units, hot water heaters and condensing units, and new plumbing fixtures.
All eight ADA units will also undergo demolition of cabinets; reconfiguring in-wall and slab plumbing; selective demolition of existing walls; reconfiguring new walls; new roll-in showers; and new ADA cabinets.
Fan coil unit replacement is expected to be the dominant activity of each apartment’s critical path.
Pinkard is also expanding the existing clubhouse to add a fitness center, computer lab and laundry room, and adding an additional play area. The new addition will total 600 square feet.
To assist with the tight budget, Pinkard and Security Properties elected to skip the customary DD budget estimate. The resulting variance between Pinkard’s SD estimate and guaranteed maximum price was less than a half percent.
Security Properties secured an allocation of tax exempt bonds and 4% Low Income Housing Tax Credits from CHFA to finance the recapitalization. Tax exempt financing was provided by Citi Community Capital, while R4 Capital provided the tax credit equity for the transaction. The project is scheduled to complete in April 2019.
With 56 years headquartered in the Colorado Front Range, Pinkard Construction Company is a Colorado leader in affordable housing rehabilitation. For more information, please contact Jim Mellor at 303.986.4555 or visit our website at www.pinkardcc.com.
Security Properties is a national real estate investment, development, and operating company headquartered in Seattle, Washington. For nearly 50 years, Security Properties has provided quality housing to its residents as well as excellent financial performance for its investors. Since its founding, Security Properties has acquired or developed over 81,600 residential units at a cost of over $5 billion. Security Properties maintains a focused multi-family strategy supported by integrated teams of professional acquisition, development, construction, investment, and property management specialists. For more information, visit www.securityproperties.com