Fort Lupton Mayor Zo Hubbard, along with executives from The Michaels Organization, the Colorado Housing and Finance Agency, and the Colorado Department of Local Affairs, as well as Fort Lupton residents, recently celebrated the grand opening of Sagebrush Apartments. This marks the first newly constructed affordable living community in Fort Lupton in over 15 years.
Mayor Zo Hubbard expressed the importance of having workforce housing located on a major transportation corridor, close to essential amenities such as grocers, medical care, banks, hardware stores, auto parts shops, and the new library.
Sagebrush Apartments offers 72 apartment homes in two 36-unit buildings in Fort Lupton’s city center. All units are 100% affordable, with a variety of income tiers from 30% AMI to 80% of Area Median Income (AMI), thanks to the Low Income Housing Tax Credit regulation of Income Averaging.
James Weglarz, Regional VP of Development for The Michaels Organization, explained that Sagebrush represents much more than just new apartments. It is a significant investment in the lives of Fort Lupton residents and will ensure affordable housing is an accessible resource for all in Southern Weld County.
Maria De Cambra, Executive Director of the Department of Local Affairs, stated that Sagebrush is a significant milestone in their ongoing commitment to creating and maintaining housing for all Coloradans, regardless of their budget. She emphasized the importance of affordable housing initiatives in addressing the diverse needs of the community and enhancing the quality of life for everyone in Colorado.
The 72 apartment homes in Sagebrush come in one-, two-, and three-bedroom layouts and offer spacious, energy-efficient living spaces. The community also features a 2,300-square-foot clubhouse and leasing center, in-unit washer and dryers, a fitness center, and a pet park.
The $25 million Sagebrush Apartments development was made possible by several stakeholders and funders, including private equity raised through the sale of Low Income Housing Tax Credits allocated by the Colorado Housing Finance Agency. The Weld County Housing Authority provided vouchers, and The Fort Lupton Housing Authority assisted in obtaining a PILOT for real estate tax relief. Berkadia Affordable syndicated the tax credits to the Bank of Montreal (formerly Bank of the West), which also served as the construction lender. The Department of Local Affairs provided vital Housing Trust Funds. Sagebrush will also go through a permanent loan conversion using the CHFA HUD Risk Share loan program.
Sagebrush Apartments has been certified as an Enterprise Green Community. The new development is also part of a greater redevelopment effort spanning a total of 12 acres in Fort Lupton to bring residents and businesses to the growing area.
In addition to Michaels, the Sagebrush Apartments development team included Architect Kephardt and General Contractor B.C. Builders LLC. The property will be managed by Michaels.
