Former Aurora Stables Converting to Affordable Apartments
Grovewood Community Development is set to transform a 4.79-acre infill site that was formerly home to the historic Aurora Horse Boarding Stables into affordable housing.
The $66 million project will include 134 affordable housing units — one-, two-, and three-bedroom — on a site successfully rezoned from R1 to R4 in 2024 and located within a Qualified Census Tract (QCT). Design features include walking trails, play areas, community gardens, indoor gathering spaces, and other elements that reflect the site’s former use. The location is adjacent to Exposition Regional Park and a City Rec Center to the north.
Phase I will be 85 family units. Elgible tenants include households earning between 30% and 80% AMI, with an overall average income of 56%. Construction will start 4th quarter of 2025. Future development of Phase Il will be 49 Senior age 62+ units.
Funding sources include an Impact Development Fund land acquisition loan, City of Aurora CDBG/HOME/PAB, Colorado Proposition 123 funding, 4%/State Low Income Housing Tax Credits and more.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout