(To read more on the multifamily market, click here.)
ADAMS COUNTY, CO-Shaw Builders recently completed the $8.1-million Springbrook Apartments on behalf of developer McDermot Properties. The 120-unit development at 78th Avenue between Washington and York streets contributes to much needed affordable housing in Adams County, according to Kerby Meyers of Shaw.
The one- and two-bedroom units range in size from 700 sf to 900 sf. The apartments are available to renters earning between 40% and 50% of the area median income. That translates to incomes starting at $20,080 for an individual to a qualified family earning up to $41,550, Meyers tells GlobeSt.com. Monthly rents, he says, will range from $475 to $690. The First Bank of Adams County financed the deal.
The units include the latest in technology, heating and air conditioning systems, Springbrook project manager Don Wassenaar says. He adds there is a strong demand for the units. The complex consists of five apartment buildings, a clubhouse, a playground and 180 parking spaces. It sits on 8.5 acres.
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