Join Housing Colorado as we head to Pena Station to tour MGL Partners’ Elevate @ Pena Station for our spring site tour.
Located just two short blocks off the Pena Station A Line light rail stop to Denver International Airport (DIA) in northeast Denver, Elevate @ Pena Station is the first of its kind in Colorado, offering Class A, workforce rental housing.
Completed in 2019, Elevate @ Pena is situated in an up and coming community with new retail, hotels, offices and new residences being built swiftly around it. The development consists of five, 3-story buildings including 218 apartment units of rental housing. Buildings are situated close to the street to create an urban edge with parking situated in the interior of the project as surface parking (235 spaces) and tuck-under garages (66 spaces). The development offers a deluxe amenity package including: state of the art community spaces with a fitness center, yoga/e-workout room, outdoor pool and patio space, commercial kitchen, game room, private business offices as well as quartz counter tops and all Energy Star appliances in the unit kitchens.
To address a dramatically underserved market segment, the development offers 25% deed restricted units at 80% of AMI or less through a Land Use Restriction Agreement (LURA) with CHFA ensuring their affordability for the next 20 years. The balance of the units remain at unrestricted market rents.
Due to its proximity and easy access to DIA, the Anschutz Medical Campus, and downtown Denver, Elevate @ Pena Station reached 95% occupancy in less than eight months, reflecting the extraordinary demand for workforce housing.
MGL is prepared to break ground on the second phase of Elevate @ Pena Station in spring of 2020. The financing sources for Phase 1 include, construction and permanent debt from CoBiz, short term debt from CHFA and Impact Development Fund (IDF), equity from MGL and the Prudential Social Impact Fund.
9:30 – 10:15 am - Registration, Tours, Networking & Snacks
10:15 – 11:15 am - Property Presentation
11:15 – 11:30 am - Tours
Price: $35 members, $50 non-members (cost includes continental breakfast)