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Opportunity to Acquire Premier Affordable Housing in Edwards, CO - Availability Details

4923 Lake Creek Village Dr, Edwards, CO 81632

  • For Sale Contact for pricing
  • Property Type Other
  • Property Size 248,344 Sqft
  • Parking Ratio 2.35/ 1,000 SF
  • Year Built 1993
  • Date Updated Sep 27, 2021

REQUEST FOR PROPOSALS
The Owner of Lake Creek Village is seeking proposals from qualified investors for the preservation of this affordable housing asset. The owner will look at all proposals, including a sale or joint venture, and weigh proposals based on the following criteria:

  • Maximum Rents Restricted to 75% AMI
  • Total Price / Consideration for the Transaction
  • Level of Involvement of Eagle County Housing and Development Authority
  • Business Plan / Capital Improvement Plan

HIGHLIGHTS

  1. Once-in-a-Generation Opportunity to Acquire Premier Affordable Housing in Edwards, CO.  In close vicinity to world-renowned ski resorts Vail and Beaver Creek, the median transaction price of Single Family Homes in Eagle County for April 2021 was $795,000 (Land Title Guarantee Company). Additionally, housing costs are significantly higher than the nationwide average and a recent Eagle County Housing Assessment showed a shortfall of 4,500 units to meet current needs (https://www.eaglecounty.us/housing/assessmentsandstudies). Workforce housing in such an affluent area is rare and of vital importance to the health and vibrancy of Eagle County, and currently the number ONE strategic priority of the Eagle County Housing and Development Authority's board and community partners.  The future owner has the opportunity to preserve affordable housing in a location where it’s greatly needed.
  2. Significant Resident Demand for Affordable Housing.  Vail Valley and Edwards, CO have an extremely durable demand from residents for affordable housing.  Lake Creek Village Apartments consistently keeps a robust future resident waiting list and usually stays nearly 100% leased.
  3. Spacious and Highly Amenitized Property.  Lake Creek Village is a rare 270-unit, low-density, 1990s vintage asset with a unique and spacious unit mix that includes nearly 90% 2x2 and 3x2 floor plans.  Additionally, the property has a significant community amenity package that includes a large playground with climbing wall, a Frisbee golf course, and an enormous Community Center with clubhouse.
  4. Irreplaceable Location in Eagle County and Vail Valley.  Lake Creek Village is conveniently located just west of downtown Edwards, CO, the largest unincorporated town in Eagle County and home to a vibrant collection of locally owned hotels, restaurants and shops.
  5. Robust Resident Services. Early Head Start Program, MIRA Bus (on-site twice per month), Eagle Valley Community Foundation Food Bank (on-site several times per month), and Clubhouse Available for Resident and Community Sponsored Events.

CLICK HERE to access all offering materials and financial documents.

Fully Tenanted

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Location

  • City Edwards, CO
  • Zip Code 81632

Contacts

broker

Craig Stack

broker

Bill Morkes

broker

Keegan Hofer

Frequently Asked Questions

What year was Opportunity to Acquire Premier Affordable Housing in Edwards, CO built and finished?

Opportunity to Acquire Premier Affordable Housing in Edwards, CO was completed in 1993.

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