DENVER (KDVR) — A Denver-based real estate development and investment firm has broken ground for a new 50-unit affordable housing community that will serve adults 62 and older.
On Wednesday, in a press release, MGL Partners announced that construction has begun for Iliff Apartments, located in Denver’s University Hills neighborhood at 4750 E. Iliff Ave.
New affordable housing development to open in Denver
The four-story building is said by MGL to provide one-bedroom and two-bedroom options for residents earning between 30% to 80% of the area median income. Also adding the location of the apartment offers residents easy access to public transportation, healthcare, groceries and much more.
“Colorado’s older adult population is projected to grow by 70% over the next two decades, and the state is already facing a serious shortage of housing for this cohort,” said Danielle Vachon Bell, development director at MGL Partners, in the release. “Projects like Iliff Apartments are essential to filling that gap, providing thoughtfully designed, affordable homes in locations that give older residents access to transit, healthcare, and community, so they can age with dignity and stability.”
MGL has developed multifamily, senior, workforce and affordable housing. Its mission, which is said on its website, is to provide “quality multifamily rental housing for people across all income levels here in Colorado” with already established developments in cities such as Denver, Boulder, Aurora and Longmont…