Auburn Ridge Groundbreaking


Castle Rock, CO (PRWEB) December 8, 2013 — Atlantic Development & Investments, Inc. celebrated the groundbreaking of Auburn Ridge Apartments in Castle Rock, CO on December 5, 2013.

Representatives from the Colorado Housing and Finance Authority, Colorado Division of Housing, Douglas County Department of Community Development, The Town of Castle Rock, Atlantic Development and Investments, Inc., and Douglas County Housing Partnership braved frigid temperatures on December 5, 2013 to celebrate the groundbreaking of Auburn Ridge, a new 90 unit multifamily housing development for seniors 55 years old and older.

Developed by an affiliate of Atlantic Development & Investments, Inc. of Scottsdale, AZ, in special limited partnership with the Douglas County Housing Partnership, Auburn Ridge will feature eighty affordable housing units for seniors earning 60 percent Area Median Income or below, which equates to $32,700 annually for a one-person household in Douglas County. Ten units will be rented at market rates. It marks the first development in Castle Rock to ever be awarded 9% Low Income Housing Tax Credits.

In 2013, CHFA prioritized the development of affordable senior housing. Douglas County’s senior population is expected to double by 2029 according to the Colorado state demographer. According to the 2011 American Community Survey, 38.6 percent of Douglas County renters are cost burdened, paying more than 30 percent of their income on rent.

“In recent years, the rental market has become not just one option, but the only option, for many seniors in Colorado and throughout the country,” said Jessica Breen, vice president of acquisitions and development for Atlantic Development.

Auburn Ridge, located at 1101 Auburn Drive, will be within four miles of the Castle Rock Senior Center. It will feature amenities for independent living seniors, as well as support services for residents such as an ADA accessible shuttle van. The property is being constructed to Enterprise Green Communities and Energy Star building standards.

“The Auburn Ridge development brings an experienced LIHTC developer to Colorado, a significant number of construction jobs and lovely new apartment homes to the growing senior population of Douglas County,” said Diane Leavesley, executive director of the Douglas County Housing Partnership.

The Colorado Housing and Finance Authority approved a $4 million permanent loan for Auburn Ridge, as well as $1.25 million federal low income housing tax credit award. Additional funding for the project is being provided by the Douglas County Housing Partnership, the Colorado Division of Housing, Town of Castle Rock, and Douglas County.

About Atlantic Developments & Investments
For over 25 years, Atlantic Development & Investments, Inc. has been a leader in the development of affordable housing communities. Atlantic has been applauded and recognized not only for the quality of housing developed, but its continuing dedication to the ongoing operation and compliance of its properties. Today, Atlantic is one of the nation’s most successful LIHTC developers.